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 ?

Encouraging ..methinks!

Skyhigh..yes i would say very encouraging, they should be putting an update
out on canada anytime now also as its two months since they said they started
full scale operations.Interesting times ahead here i think and with the tanzania
farm out obviously in progress i can see some good things here.

IMVHO

From FT today:
"Quoting local media, Upstream today reported that Tanzania’s Resource Minister has ordered a review of all existing oil and gas exploration agreements in the country by 30th November. Tanzania’s Guardian on Sunday newspaper reported that Sospeter Muhongo told the newly appointed Tanzania Petroleum Development Corporation (TPDC) board members that all 26 contracts needed to be reviewed.
Tanzania’s licences encompass a mix of vintages and geography’s including a number of older production licences located along the coast held by Orca, Aminex, etc as well as the higher profile offshore blocks held by Ophir, BG, Statoil et al, and newly awarded onshore acreage held by Heritage. Players in the region say that the minister’s focus is on making certain that the companies deliver on licence commitments."

Harry... I think the purpose of the review is to ensure the TPDC gets a stake in the last big blocks when they come up for bidding next year.Tanzania is advancing so fast in oil and gas discoveries that it would make sense for them to catch breath.Ophir are currently drilling a step out well in tanzania from their recent large discovery.

Thought this was an interesting comment by neil ritson in todays oil barrel report

"The company is keen to add further projects to the portfolio – again taking on non-operator roles where it can leverage its capital – but this is unlikely to be for at “least another three months” when a successful farm-out in Tanzania could trigger a rethink on the current low share price."

I think the purpose of the review is to ensure that all participants were, are and will be paying enough tax to keep the Tanzanian government happy, which is a minefield in itself!

harry..aside from tanzania dont forget its been two months now since they went
into full scale production in Ontario,could get an update anytime on that.Looks to
be a solid play that one IMVHO .

Reef resources currently up 25% on the TSX

Interesting as its been quiet there for sometime

Interesting post over on iii ( tanzania )


'Using some very rough calculations using the £1,200,000,000m Cove was bought for and Solo’s £11.47m market cap, take the high range Cove estimates to be 5,244,500MMcf and Solo’s Ntorya discovery as 178,000MMCF. Divide 1,200,000,000 by 5,244,500 and you get Cove’s per TCF value as £228.8m. Then divide this by 1000 and multiply by the find of 178bcf. Theoretically this places the value of the Ntorya discovery at £40.7264m of which £10.1816m is to Solo (almost entirely its market cap). If you then take the low range TCF estimates for Solo you get a value of £74.68m for the Ntorya discovery of which £18.67m would be Solo’s.'

This is very impressive since this only factors in Ntorya. In reply to my article NR commented that even this was undervaluing SOLO. In precise words: 'the unit costs of an LNG scheme (for the Cove gas) are one to two orders of magnitude higher than the onshore equivalent costs of development'

jackson,certainly an eye opener...just checked the post out and the article and
must say it looks very encouraging.

Video from last weeks OB now released

http://www.presentation-matters.co.uk/Oilbarrel/webcasts/54th_ob/54th_oilbarrel_conference_solo_oil.htm

Jazz cheers for posting the video,an interesting period for solo approaching :-)

You may find this article of interest on tanzania

http://www.energy-pedia.com/news/tanzania/new-151715

Solo Terminates Equity Line Facility

Solo today announces that it has mutually agreed to terminate the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd ("Dutchess") as the Company now believes that this type of facility no longer fits with the Company's forward funding plans.

The Company has worked effectively with Dutchess over the past year with this facility and it achieved the objectives of funding its obligations to drill, complete and test the exciting Ntorya 1 gas and condensate discovery in Tanzania. Solo no longer sees it necessary to utilise this facility going forward and has terminated the Dutchess facility at no cost to either party.

Solo has announced that it has entered into a Vendor Collaboration Agreement with Aminex plc ("Aminex"), which has engaged FirstEnergy Capital LLP ("FirstEnergy") to manage the farm-out of up to 50% of the two companies' respective working interests in the Ruvuma PSA in Tanzania.

All sounds very encouraging!

Cool!..breaking even..at last!

Announcement by Joint Venture Partner

Solo notes that the following announcement was made by its joint venture partner Reef Resources Limited this morning.

The Company was not aware that this announcement was going to be released this morning but intends to review its content and comment shortly.

"REEF RESOURCES ANNOUNCES 85% INCREASE IN P2 RESERVES,
98% INCREASE IN NPV (BTAX10) AND 7.8 MILLION BARRELS OF PETROLEUM INITIALLY IN PLACE.

A bit of life here this afternoon.

yep, looking better

Well done all. :-))

Annual Financial Report

The most significant highlights for the year to 30 June 2012 were:

• Discovery of gas in the Ntorya-1 well in Tanzania
• Increasing Solo's participating interest in the Ruvuma PSA to 25%
• Successful testing of Ntorya-1 at 20.1 mmscfd and 139 bpd of condensate through a 1" choke
• Discovery of gas at the Airport North #1 well adjacent to the Ausable Field in Ontario
• Commencement of gas injection into the Ausable reef to provide long-term pressure support