logo-loader
Solo Oil PLC

Solo Oil teams up with THREE60 and NRG to cut boost operations capacity

“We look forward to working closely with these top-quartile service partners as we further progress towards the completion of our strategic production goals."

Solo Oil PLC - Solo Oil teams up with THREE60 and NRG to cut boost operations capacity
Solo highlighted that there are no upfront costs to the agreements

Solo Oil PLC (LON:SOLO) has teamed up THREE60 and NRG Well Management with the two new partners coming on board to provide operational capability as it implements its strategy.

“The structure of these agreements minimises the company's exposure to fixed operational costs and allow for the continued management of G&A exposure,” said Alastair Ferguson, Solo chief executive.

“We look forward to working closely with these top-quartile service partners as we further progress towards the completion of our strategic production goals."

With THREE60, Solo has entered into a ‘service collaboration and risk sharing model agreement’ which will see the new partner provide assistance with subsurface, engineering and facilities operations.

The agreement is described as being flexible and cost-effective. Solo highlighted that the agreement defines a risk sharing model which is expected to minimise capital expenditure, via incentivisation linked to asset and production performance.

A framework agreement with NRG, meanwhile, envisages a ‘complete managerial and technical support package’ spanning the exploration, appraisal and development life cycle.

Solo told investors that no costs are tied to putting either agreement in place, and that costs are only incurred as and when activities are performed by the new service providers.

Quick facts: Solo Oil PLC

Price: £0.02

Market: AIM
Market Cap: £10.42 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Solo Oil PLC named herein, including the promotion by the Company of Solo Oil PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Solo Oil reveals plans to acquire its way to 5,000 barrels of production per day

Solo Oil PLC’s (LON:SOLO) executive chairman Alastair Ferguson discusses with Proactive London their acquisitive new strategy for growth. Ferguson says they're aiming to build a portfolio of new assets capable of producing some 5,000 boepd within three years. This fundamental change...

on 22/3/19

2 min read

;