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 ?

21 March 2013

For Immediate Release, 7 am

21 March 2013

SOLO OIL PLC

("Solo" or "the Company")

Update, Farm-out in Tanzania

Solo today confirms that FirstEnergy Capital LLP, on behalf of Aminex plc and the Company, are continuing to hold discussions with a number of parties concerning a farm-out of the Company's interests in the Ruvuma PSA in Tanzania. Further announcements will be made in due course.

Participants in the Ruvuma PSA are: Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.

Acquisition in West Africa

Solo is pleased to announce that it has signed a binding Memorandum of Understanding ("MOU") to acquire a 15% shareholding in Swiss based Pan Minerals & Oil AG ("Pan Minerals"). Solo will pay a cash consideration of £200,000 plus 60 million new ordinary Solo shares of 0.01p each representing a total aggregate consideration of £500,000.

The purpose of this investment is to assist Pan Minerals to consummate certain existing production agreements that it has negotiated onshore in West Africa. Pan Minerals is a Special Purpose Vehicle company that focuses on proven reserve situations which have the potential to be brought on production at over 2,000 bopd within a twelve month period.

In addition, Pan Minerals has granted Solo a 90 day option for a first right of refusal ("FROR") to participate in any future equity financing of Pan Minerals for the development of its West African oil production opportunities.

The FROR will allow Solo, at its sole discretion, to increase its direct equity interest in Pan Minerals from 15% to up to 49.9% subject always to any constraints Solo may have due to its investing policy as previously approved by shareholders.

Pan Minerals has invested nearly US$3mm to date in the pursuit of farm-ins on proven oil fields in West Africa and the Solo's investment will assist in the completion of these arrangements.

It is envisaged that the MOU will be converted to a full Sale and Purchase Agreement within a week and the Company will advise when the shares will be issued and admitted to AiM.

Solo Oil plc announces that it has raised £1.5 million gross proceeds through the issue of 375 million new ordinary shares of 0.01p each in the Company ("Placing Shares") at a price of 0.4 pence per share to one institutional investor (the "Placing") together with one warrant for every allocated Placing Share subscribed, each warrant entitling the holder to subscribe for one ordinary share in the Company at 0.4 pence per ordinary share with an exercise period of six months ("the Warrants") from Admission.

Update Tanzania, Variation of PSA Terms


Solo today announces that a letter of consent has been received from the Tanzanian Petroleum Development Corporation ("TPDC"), the state oil company of Tanzania, permitting a variation of the terms of its Ruvuma Basin Production Sharing Agreement ('PSA').

This variation will allow the drilling which was due to be completed in the current first extension period, expiring later this year, to be deferred until the second extension period which expires in late 2016.

Aminex plc as operator, in collaboration with Solo, is currently conducting a farm-out process to introduce a new partner into the venture so as to explore the Ruvuma PSA as comprehensively as possible. As previously announced discussions with a number of interested parties are continuing.

The Ruvuma PSA covers approximately 6,000 km², comprising the onshore section of Tanzania's of Ruvuma Basin, but also including sections of shallow water marine areas and a small section of deep water. The Ruvuma River, which is the southern limit of the PSA, is the frontier between Mozambique and Tanzania. In recent years there have been numerous world-class discoveries of natural gas in the offshore deep water part of the basin, both in Mozambique and Tanzania.

In 2012, Solo and Aminex made a commercial discovery of natural gas and condensate at the Ntorya-1 well in the Ruvuma PSA. Further appraisal of Ntorya-1 is planned along with further exploration for gas and oil. The Chinese-funded pipeline from Mtwara to Dar es Salaam, which is presently under construction, passes through the PSA area and could provide a ready access to a growing gas market.

Partners in the Ruvuma PSA are Aminex (Ndovu Resources Ltd) 75% (operator) and Solo Oil plc 25%.

Regulatory Approval


AWARD OF TANZANIA APPRAISAL LICENCE

Solo is pleased to announce that the application for an Appraisal Licence at its Ntorya-1 discovery in Tanzania has been approved by the Tanzanian authorities.

Ntorya-1 was drilled in the Ruvuma Production Sharing Contract ("PSA") area in 2012 and successfully tested gas at a rate of 20 million standard cubic feet per day (equivalent to more than 3,000 barrels of oil per day) with 139 barrels per day of 53 degree API condensate. An independent estimate by ISIS Petroleum Consultants ("ISIS") of gas discovered by the well indicated a gross discovered volume of 178 billion cubic feet in place and the operator has evaluated this to be a contingent resource of 134 billion cubic feet of recoverable gas.

ISIS estimated that 1.17 trillion cubic feet of gross unrisked gas in place were potentially present at Ntorya and that further appraisal would be required to confirm this volume. The mean gross unrisked gas in place in discoveries, prospects and leads within the PSA was estimated to be in excess of 5.75 trillion cubic feet.

Unaudited Interim Results

Highlights for the period include:

· The partners in the Ruvuma PSA have been granted a 2-year appraisal area over the Ntorya-1 discovery in order to formulate
a development plan.
· The Ruvuma PSA has been extended into the 2nd Extension period to allow seismic to be acquired prior to further drilling.
· Solo has acquired a 15% interest in Pan Minerals with potential to gain direct production exposure to a field onshore in West Africa.

LISTEN: Solo Oil SOLO - Interim results

Click here

Possible Sale of Interests in Ontario

Solo today announces that it has agreed in principle with Reef Resources Limited ("Reef") to sell its 28.56% holding in the SW Ontario properties acquired in 2011, with a target closing date of 31 December 2013.

Neil Ritson, Solo Executive Director, commented: "As we have previously indicated, we have been disappointed by the performance of the SW Ontario properties and the limited progress made with the field development this year. We feel that our shareholders will be better served by Solo reinvesting the proceeds of an eventual sale elsewhere."

LISTEN: Solo Oil #SOLO - Possible sale of interests in Ontario

Click here to lsiten

Investment in West Africa

Solo is pleased to announce that it has signed a Sale Purchase Agreement ("SPA") to acquire an additional 4.9% shareholding in Swiss based Pan Minerals & Oil AG ("Pan Minerals") for a cash consideration of US$500,000. This brings the total investment into Pan Minerals to approximately £800,000 and increases Solo's direct equity interest in Pan Minerals from 15% to 19.9%.

LISTEN: Neil Ritson, Executive Director of Solo Oil Plc, discusses the UK onshore acquisition

Click here to listen

Having started this thread and sold out some while ago.. think I might buy back in.

Horse Hill Investment Update

Solo Oil Plc (AIM: SOLO) is pleased to announce that it has been informed by the operator that civil works have now commenced on the Horse Hill site in the Weald Basin in preparation for the drilling of the proposed 2,646 metre (8,680 feet) Horse Hill-1 well, which lies about 3 kilometres from Gatwick Airport and is designed to test a number of promising conventional oil and gas targets.

Ntorya Gas-Condensate Development, Tanzania

Solo today announces that it has been informed by the operator that the seismic data required to assist in the selection of future drilling locations at the onshore Ntorya gas-condensate discovery is currently underway in south-east Tanzania.

Listen: Solo Oil - Seismic acquisition, Tanzania

Click the link to listen
http://www.brrmedia.co.uk/event/123708/neil-ritson-executive-director

I still have about ten bob's worth!

Make that 15 bob now.

Break open the Babycham skinny!

I'll wait until I've got a quids worth.

David's next 'big thing' maybe! :o)