Solo Oil PLC (LON:SOLO) chief executive Tom Reynolds told shareholders in the company’s full-year results statement that they will be prioritised as oil and gas junior explores its options for its portfolio in Tanzania.
His comment comes ahead of the group’s relaunch under the new name of Scirocco Energy PLC and its positioning towards the European energy market. The proposed name change will be voted on at an AGM on September 25.
“During an unprecedented time for the industry, we are committed to working hard to deliver our strategy,” Reynolds said.
“We continue to explore 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.
“We look forward to updating our shareholders as things develop in the coming months,” he added.
In terms of financial results, the company reported a £2.56mln loss before tax and said that it ended December 2019, with £1.06mln of cash and equivalents.
More 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.