Posted on :Wednesday , 9th September 2020

Solo Oil PLC chief executive Tom Reynolds told shareholders in the company’s full-year results statement that they will be prioritized as oil and gas junior explores its options for its portfolio in Tanzania.

His comment comes after the group's relaunch under the new name of Scirocco Energy PLC and its positioning towards the European energy market. The said name change will be voted on at an AGM on September 25.

"During an exceptional time for the industry, we are committed to working hard to deliver our strategy,” Reynolds said.

“We continue to diversify options for the Tanzanian assets, and will ensure any decision is based on the best outcome for our shareholders. In the meantime, we are focused on identifying potential opportunities to grow the company and are encouraged by the pipeline we are seeing, with the current challenges in the industry creating a broader range of opportunities in the European energy market.

he added "We look forward to updating our shareholders as things develop in the coming months.

Recently, in June 2020, the company arranged a US$5mln financing facility to meet its commitments on the Ntorya prospect in Tanzania while it negotiates the sale of its stake.

Financier Prolific Basins is providing the money through a tranched investment structure that Solo said allows it to have a flexible funding option in place, should it be required, for the planned appraisal programme on Ntorya.