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Solo Oil delays financial results and AGM as coronavirus continues to impact outsourced finance functions

“The company has been through a comprehensive restructuring over the last 18 months, including a complete change in board and executive management, and the exiting of a number of legacy investments, as it made progress towards delivering its new strategy."

Solo Oil PLC - Solo Oil delays financial results and AGM as coronavirus continues to impact outsourced finance functions

Solo Oil PLC (LON:SOLO) told investors that it has delayed the release of its 2019 financial results and its AGM as the COVI-19 pandemic has constrained outsourced finance functions and auditors.

The delay of the shareholder meeting will result in a delay to the company’s proposed name change to Scirocco Energy Plc, as this required shareholder approval.

READ: Aminex and Solo Oil’s Ntorya project set to advance

The rebrand reflects a new strategy to pursue low-cost producing and development gas opportunities in Europe, the company added.

“The company has been through a comprehensive restructuring over the last 18 months, including a complete change in board and executive management, and the exiting of a number of legacy investments, as it made progress towards delivering its new strategy,” it said.

It noted, in reference to its finances, that it is in a position of relative strength compared to certain peers in these unprecedented times.

The company said it has sufficient cash to support its operations in its current state to the end of Q1 2021. It remains funded for its share of the firm budget for its Tanzanian operations, capital programme and strategy. 

“The company has low fixed overhead costs and its projects are primarily focused on the development of large-scale onshore gas developments in Tanzania, with no direct exposure to the oil price and strong localised pricing for gas in the region.”

Solo stated, unaudited, that it had £1.06mln of cash at the end of 2019, it had no debt and was due £1.25mln of receivables.

Quick facts: Solo Oil PLC

Price: 1.3525 GBX

AIM:SOLO
Market: AIM
Market Cap: £8.76 m
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