From the Financial Times this weekend

Solo Oil , which is chaired by David Lenigas, rose 15.4 per cent to 0.75p on talk it was close to announcing its first deal.

I'm on board this morning..good story developing here (imho) ... onwards and upwards... anyone else in ?

Took a small punt on these this am on the strength of todays news.

Solo Oil Plc announces that it has placed a total of 1,280,000,000 new ordinary shares of 0.01p each in the Company (Placing Shares) at a placing price of 0.5 pence per share to raise 6.4 million ("the Placing") and has signed a Farm-out Agreement with London Main Market listed Aminex PLC ("Aminex") to earn a 12.5% interest in the Likonde-1 well in Tanzania.




Aminex currently has a 50% interest in the Ruvuma PSA and the remaining 50% is held by Tullow Oil PLC ("Tullow") which is the operator. Post transaction, Tullow will own 50% of Likonde-1 well, Aminex 37.5% and Solo Oil 12.5%.




Likonde-1 is the first well scheduled to be drilled on the Ruvuma production agreement (PSA) in southern Tanzania with spudding likely to occur in about two months, the precise date depending on rig move logistics. A rig contract has been signed.



Under the terms of the farm-out agreement Solo will:

(1) Reimburse Aminex for 12.5% of pre-drilling costs amounting to US$1.25 million and

(2) Pay 18.75% of the drilling cost of Likonde-1 amounting to $3.4 million.




After the drilling of Likonde-1, Solo will have earned the right to participate in any further drilling on the licences covered by the Ruvuma PSA through contributing 12.5% of ongoing costs. If Solo exercises this right it will also then become a full party to the Ruvuma joint operating agreement.



The Farm-out agreement is subject (1) to formal approval from the Government of Tanzania and (2) to passing of the relevant resolutions at the Company's' general meeting as referred to below.

cyril

Should come back by the end of the day

hope so! just bought a few more at .007p

No sense to be made of the trades as both offer and bid are at 0.0065p?
cyril

New article and analysis, click HERE

buy dogs and you get dog shit!

Then by association so are Tullow?
cyril

sour grapes?
TLW have lots of oil and are a properly funded company
very clearly SOLO does not actually have oil of its own and nor is it properly funded or capitalised
golly gosh - sp crashes as that realisation crystalises - quelle surprise!

The saying teaching someone to such eggs comes to mind,with a company(TLW) i 1st bought into when it was attempting to break through 1. You seemed to have missed the point, for Solo this is a signifient partership which once the placing is out of the way will imv add quite a premium to their SP.
There are risks(as with any oil explorer,25% chance on the coming well)involved,
its just how one plays it. Top slice if as i believe they will rise to 1p+ when drill is working and in the event of success then it'll be rocket time.
cyril

jolly good old chap .... you stick with this lot then, and no doubt you'll make your fortune if you live to be very old ..... why is there this fixation of trying to buy basement stocks when they aren't even necessarily approaching a bargain? ..... there's always plenty of money to be made as and when any of these "blind pig" companies start to make it good ..... meanwhile, there's huge numbers of proper juicy fish in the sea from which to make an excellent and satisfying meal

I suggest you stop being so arrogent and ask yourself a simple question(one you should have asked before your earlier post).
DO YOU HONESTLY THINK THAT TULLOW WOULD DEAL WITH A DOG(YOUR DISCRIPTION)????
cyril
No need to reply as i woun't be reading it.
squelched
cyril

Aminex did the deal with Solo, not Tullow .... but by your own admission, you can't read!

oh dear, you've been at it again cynic.........

morning BB .... i retract nothing .... if sp remarkably rockets, i shall be more than happy to admit i was wrong .... as you know, unlike most here, i am more than happy to do so when i make a wrong call

Will nobody learn on here that nearly all tiddlers have been dumped by the market and any share price rise will be painstakingly slow ie the sp will drop to the placing price and won't recover until the market starts trading them again which may well not be to next year. Even the market darling AFR has now stopped moving!

...which is why any good news has little market effect.

who dares wins.............eventually!!

Buy dogs get shit!

Love it, well done and point taken but I will still buy into these sometimes.

I did the same with GKP as you did I believe, same idea, a wildcat drill!

DD .... just for the record, AFR is one of the few bright spots this morning ..... that said, just a bit of general indigestion in the market i think rather than underlying malaise

poo - not to be confused with dog shit! - i certainly hold GKP now, though it is more than likely that i took some persuading to indulge

bear poo.....sorry poo bear, all this talk of s.... quite right, cynic was in and out of that dog (GKP) till it became a crufts winner.