Solo, the AIM investing company targeting attractive production and development opportunities within the European energy market, is pleased to announce its audited annual results for the period ended 31 December 2019.
Period and Post-Period Highlights
- Launched new company strategy as set out in March 2019 to identify assets within the European energy market for long-term sustainable growth
- Proposed name change to Scirocco Energy plc subject to shareholder approval at the 2020 Annual General Meeting ("AGM")
- Formal process ongoing to explore value realisation for its assets in Tanzania with encouraging level of interest
- In April 2020, the Joint Venture for the Ruvuma asset received the extension of the Mtwara Licence in respect to the Ntorya Location from the Ministry of Energy of Tanzania
- In June 2020, the Company entered into an investment facility for up to US$5,000,000 with Prolific Basins LLC
- Continued focus on cost discipline including salary sacrifices and implementation of option based remuneration for Executives
- Continue to screen business development opportunities in line with stated strategy
The Company's Annual General Meeting ("AGM") will be held at 11a.m. BST on 25 September at The Gleneagles Hotel, Auchterarder PH3 1NF. The location has been selected as a Covid regulations compliant venue and is being held at the location at no cost to the Company.
The Board is closely monitoring the current Coronavirus situation and the UK Government's 'stay alert measures' and related guidance on social distancing and public gatherings ("COVID-19 Related Measures"). The Board recognises that the annual general meeting ("AGM") typically represents an opportunity to engage with members, and provides a forum that enables members to ask questions of, and speak with, the Board. However, in light of the current restrictions, the Board hopes that members will understand that the AGM will be held on a closed basis and this year members will not be able to attend. This decision has been taken to protect the health and safety of our colleagues and shareholders in light of the COVID-19 Related Measures currently in place and recognising the possibility of increased measures being introduced nearer to the date of the AGM. The AGM will be held as a closed meeting that is solely functional in format - the meeting will comprise only the formal votes without any business update or question and answer session. A very limited number of persons from the Company will be present to conduct the meeting such that relevant legal requirements can be satisfied.
As shareholders will not be able to attend in person, we strongly encourage voting on all resolutions by completing a proxy appointment form appointing the 'Chair of the Meeting' as your proxy. All valid proxy votes to be exercised by the 'Chair of the Meeting' will also be included in any vote taken at the meeting. The results of the votes on the proposed resolutions will be announced in the normal way, via poll, as soon as practicable after the conclusion of the AGM. Shareholders are encouraged to raise any questions on the business of the AGM in advance of the AGM with the Company Secretary at Solo@buchanan.uk.com (with "Solo Oil PLC AGM 2020" in the subject box). Questions must be received by 5.00 p.m. on 18 September 2020.
Tom Reynolds CEO commented: "During an unprecedented time for the industry, we are committed to working hard to deliver our strategy. We continue to explore options for the Tanzanian assets, and will ensure any decision is based on the best outcome for our shareholders. In the meantime, we are focused on identifying potential opportunities to grow the Company and are encouraged by the pipeline we are seeing, with the current challenges in the industry creating a broader range of opportunities in the European energy market. We look forward to updating our shareholders as things develop in the coming months."