Solo Oil, the AIM investing company targeting attractive production and development opportunities within the European energy market, has announced 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 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
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.'
Source: Solo Oil