Solo’s Investing Policy is to acquire a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, with an on-shore focus in politically stable countries.
In March 2017, Solo acquired a 10% interest in Helium One Limited (Helium One) for a total consideration of £2.55 million in cash and shares. Subsequently Solo assisted Helium One through a Technical Services Agreement which allowed Solo to increase its holding to 15%. In mid-2018 Helium One raised US$2 million in pre-drill funding with Solo’s holding now approximately 13.8%.
Early entry into the global helium market estimated to be worth over US$6 billion annually
Solo management team are supporting Helium One by applying experience from hydrocarbon exploration to helium play development in Tanzania.
Major helium global supply from US Federal Reserve is being sold off and is expected to be fully depleted by 2021. Next largest producers are Qatar and Algeria which produce helium as a by-product of LNG.
Worldwide demand growth caused by expansion in use of MRI scanners and other scientific, communications and computing equipment, as well as lighter than air lifting and transport.
Strong pricing dynamics with current crude helium prices of 30 to 50 times those of hydrocarbon gas.
Helium One's Rukwa Project in Tanzania has independently estimated by Netherland, Sewell and Associates Inc. (NSAI) to contain unrisked most likely prospective recoverable helium volumes close to 100 billion cubic feet (bcf), equivalent to over 10 years' current global demand.
The Ruvuma Petroleum Sharing Agreement (PSA) in the south-east of Tanzania was first granted in October 2005. The PSA was originally composed of two licences, Lindi and Mtwara, and covered an area of over 6,000 square kilometres partially offshore, but largely onshore in the largely untested Ruvuma Basin. Following several statutory relinquishments the PSA is now composed of only the Mtwara Licence which contains the Ntorya Appraisal Area over the Ntorya gas-condensate discovery which is now subject to an application for a 25-year development licence.
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With the flow of gas from Kiliwani North Solo achieved its first commercial production in Africa. Kiliwani North Development Licence (KNDL) is located on Songo Songo Island in Tanzania, East Africa, and contains the Kiliwani North-1 (KN-1) well which has reached up to 30 million cubic feet per day (equivalent to more than 5,000 barrels of oil per day) on test in July 2016.
Solo holds a interest of 20% in UK registered investment company Burj Petroleum Africa Limited (“Burj Afica”).
In February 2014, the Company announced that it had entered into a share acquisition agreement with Horse Hill Development Limited (HHDL), a special purpose company that had acquired the rights to a 65% participating interest and operatorship in licence PEDL137 onshore in the UK Weald Basin.
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Solo holds a 28.56% interest in approximately 23,500 acres of petroleum leases in southern Ontario which contain a number of Ordovician-age reefal structures which contain variously oil, gas and condensate.
Production from the Ausable Field was re-established in 2011 at which time Solo converted its original participative loan in TSX listed Reef Resources Inc. into direct equity in the leases which contain the Ausable and other fields. Through a number of subsequent transactions Solo increased its interest to 28.56% and also held addition options to increase its position further to 38.1%. Operating difficulties and a lack of funding within Reef Resources lead to a suspension of operations in late 2012. Reef Resources has subsequently delisted and Solo have looked to source opportunities to revitalise the operations on the Ontario properties.
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London, Isle of Wight, North America & Africa.
MR. FERGUSON - NON-EXECUTIVE CHAIRMAN
Mr Ferguson is a Chartered Engineer and holds an BSc. (Hons.) in Mining Engineering from the University of Strathclyde and an MBA from the University of Warwick. He is a member of the Institute of Mining and Metallurgy, whos started his career in 1978 and as drilling and petroleum engineer with BP and took up the role of Operations Manager at Wytch Farm in 1987. From there, he progressed to hold a wide variety of senior operational and business roles globally during the 1990s, before, in 2000, being appointed Chief Executive of BP's PetroChina joint venture, negotiating the JV framework agreement, gas marketing initiative and leading the integrated team which worked on the evaluation and negotiation of the West-East Pipeline project. Following roles as business unit leader in China, Middle East, East Mediterranean and India, Alastair moved to Moscow at the time of the TNK BP merger in 2003, progressing to Executive Vice President for Gas and Power. He was responsible for leadership and development of TNK BP's gas and power business in Russia and Ukraine; strategy and planning, trading, major new gas projects and associated gas business.
MR. MALING - MANAGING DIRECTOR
Daniel (“Dan”) Maling has over 15 years of senior commercial management experience primarily in the oil and gas and resources sectors. Dan has worked with several AIM, ASX and TSX listed companies providing corporate finance, business development and corporate governance advice. Having joined the board as Finance Director in August 2016 he is also the Solo representative on the Helium One board. Dan is a member of the Chartered Accountants Australia & New Zealand.
MR. FITZPATRICK - NON-EXECUTIVE DIRECTOR
Mr Fitzpatrick is a qualified corporate lawyer, petroleum economist, investment banker and energy sector adviser. He began his career in 1994 as a research associate at the Centre for Energy, Petroleum, Mineral Law and Policy at the University of Dundee. Recruited to Arthur Andersen, Jon continued to expand his sector expertise and in 2000 he joined Brewin Dolphin Investment Bank. From 2008 to 2014 he held senior posts at Cenkos Securities plc before moving to Macquarie Capital where he was Senior Managing Director and Head of Natural Resources for Europe, Middle East and Africa. In 2016, Jon founded Gneiss Energy, an advisory practice operating exclusively within the energy and resources sectors.
MR. REYNOLDS - INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr Reynolds is a Chartered Engineer with over 25 years' experience in the energy sector, including a range of technical and commercial roles with BP plc, Total SA and British Nuclear Fuels plc. He has also held management positions at private equity investment and advisory firms, including 3i plc, and specialises in strategic planning, investment management and cross-border M&A transaction execution in the oil, gas, energy and infrastructure sectors.
Mr Reynolds has considerable experience in the public markets, particularly in the oil & gas sector, including holding board seats on various companies listed in London, Oslo and Toronto. Most recently, he was CEO of Iona Energy Inc. and, immediately prior to that, he was CEO of Bridge Energy ASA, which Mr Reynolds grew through a series of acquisitions before listing the group in both Oslo and London, prior to its c.US$150m sale to HitechVision-backed Spike Exploration Holding AS in 2013, a valuation which represented a c. 50% share price premium.
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