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 ?

I got in NTOG a few weeks ago at .0032 so very happy with the way NTOG is currently performing (One of my better investment decisions)... hoping for a similar outcome here!

SOLO on the move now!

1st deal on the way soon?

Soon, hopefully in the week or two.

A good friend has been on about these plus another 2 shares, the other 2 have done well so here goes I'm in, only a small stake, so can afford to put these away and wait

Welcome aboard Panic..... I've bought some more this morning also...highly speculative punt but rewards could be significant !

I'm in PCI also (from 7p entry level)...they released good news this morning but disappointing SP movement since then.. should buck up soon though! (imho)

SOLO doing well this morning......

yes bucked up this a.m.

got a bit of a rise on here again, vol, picking up.

http://www.ft.com/cms/s/0/4d6ea566-ce8e-11de-8812-00144feabdc0.html?nclick_check=1

"Solo Oil jumped 19.3 per cent to 0.92p on talk that the acquisition vehicle chaired by Australian dealmaker David Lenigas was putting the finishing touches to an equity fundraising, writes Neil Hume.

The talk in the market was that Solo was looking to raise 6m via a placing of new shares at about p each and the proceeds would be used to take a stake in an exploration licence that FTSE 100 company Tullow Oil has secured in Tanzania."

Ruvuma Basin?

Unless it is one we don't know about then yes it is.

Drilliing planned Q4 2009

http://www.tullowoil.com/tlw/operations/af/tanzania/

Picked up a few more this am, probably not too much longer to wait here now, and the rumour mill hotting up!

ANY deal with Tullow, if confirmed of course, would be taken well by the market IMO.

Yeh I agree Andy, also had a few more.

looking good!

Good price to get in /top up...dilution has impacted SP..when the dust has settled it'll strengthen gradually as we get towards the next meaningful announcements in the new yr...could be big compay in the making! (imho & dyor etc.)

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!