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Solo Oil Provides Corporate Update

Source: www.gulfoilandgas.com 6/24/2020, Location: Africa

Solo, the AIM investing company targeting attractive production and development opportunities within the European gas market, announces that in light of the unprecedented practical challenges presented by COVID-19, which have constrained outsourced finance functions and auditors, the Board has taken the decision to apply for a delay in release of its 2019 Audited Financial Statements. This request was made to both AIM Regulation (further to the guidance provided by it in Inside AIM on 26 March 2020) and Companies House with approval subsequently granted allowing the Company to extend the deadline to produce its 2019 Audited Financial Statements and Annual Report to before 30 September 2020. We will notify shareholders when these will be announced in due course.

As a result of the delay to issuing the 2019 Audited Financial Results, the Company also intends to delay the AGM, in line with new emergency legislation being proposed by the Department for Business, Energy and Industrial Strategy ("BEIS").

Proposed change of name
The Company announced on 9 October 2019 its intention to rebrand and change the Company name to Scirocco Energy plc to align with the new strategy to pursue low-cost producing and development gas opportunities in Europe. The Company has been through a comprehensive restructuring over the last 18 months, including a complete change in Board and Executive Management, and the exiting of a number of legacy investments, as it made progress towards delivering its new strategy.

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