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Solo Oil Plc (Now Scirocco Energy)

Solo Oil is an oil and gas investment company listed on the London Aim Market (SOLO) its objective is to acquire and develop a diverse global portfolio of oil and gas assets. Solo has a number of oil and gas assets including the prolific Ruvuma Basin, Tanzania, and an interest in the Kiliwani North Gas in Songo Songo, Tanzania.

Solo Oil Plc Portfolio

Isle of Wight, UK Horse Hill, UK Reef Resources, Ontario Helium One, Tanzania KIlwani North, Tanzania Ruvuma PSA, Tanzania

RiverFort Global Capital arranged a US$5 million convertible loan agreement for Solo Oil Plc. Solo drew down an initial US$1.5 million. The funding arranged by RiverFort will be used initially for reconciled expenses, screening engineering studies and up and coming well testing.

Each tranche will have a 12-month term and initial 3-month repayment holiday and will bear an 8 per cent per annum interest rate. During the term of the agreement Solo has the choice of repayment in Shares or Cash.

On the announcement of the deal Neil Ritson, Solo Oil’s Executive Chairman said:

“Solo is approaching a period of considerable activity which will require expenditure across all of the mature investments within our diverse portfolio. We anticipate that this expenditure will enhance the core underlying value of our portfolio through a range of exciting operational milestones.”

“Having undertaken a thorough review of the funding options available to Solo we have determined that this convertible loan facility is by far the most effective and least dilutive option for the Company and its shareholders. The facility conversion price is set at a 45% premium to the closing share price and the First Tranche provides us with the ability to cover our share of anticipated costs associated with the multiple activities that we forecast in the near future.   As previously indicated, should we seek to raise significant operational funds, for example to drill additional wells in Ruvuma, we will open that funding round to existing shareholders to participate.”

Use of Proceeds

Reconciled Expenses Screening Engineering Studies Well Testing

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