{"id":8432,"date":"2020-06-25T09:21:08","date_gmt":"2020-06-25T09:21:08","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8432"},"modified":"2020-06-25T09:21:08","modified_gmt":"2020-06-25T09:21:08","slug":"solo-delays-agm-as-it-proposes-name-change-to-scirocco-energy","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/solo-delays-agm-as-it-proposes-name-change-to-scirocco-energy\/","title":{"rendered":"Solo Delays AGM as It Proposes Name Change to Scirocco Energy"},"content":{"rendered":"

Solo has announced that in light of the unprecedented practical challenges presented by COVID-19, which have constrained outsourced finance functions and auditors, the Board has taken the decision to apply for a delay in release of its 2019 Audited Financial Statements.\u00a0<\/span><\/p>\n

\u00a0<\/span>As a result of the delay to issuing the 2019 Audited Financial Results, the Company also intends to delay the AGM, in line with new emergency legislation being proposed by the Department for Business, Energy and Industrial Strategy (“BEIS”).<\/span><\/p>\n

\u00a0<\/span>Proposed change of name<\/span><\/strong><\/p>\n

\u00a0<\/span>The Company announced on 9 October 2019 its intention to rebrand and change the Company name to Scirocco Energy plc to align with the new strategy to pursue low-cost producing and development gas opportunities in\u00a0Europe. 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.<\/span><\/p>\n

\u00a0<\/span>Shareholders will be asked to approve the proposed name change at the Company’s 2020 AGM.<\/span><\/p>\n

Funding and liquidity<\/span><\/strong><\/p>\n

Solo is in a position of relative strength compared to certain peers in these unprecedented times. The Company has low fixed overhead costs and its projects are primarily focused on the development of large-scale onshore gas developments in\u00a0Tanzania, with no direct exposure to the oil price and strong localised pricing for gas in the region.<\/span><\/p>\n

The Company has sufficient cash to support its operations in its current state to the end of Q1 2021 and remains funded for its share of the firm budget for its Tanzanian operations, capital programme and strategy. \u00a0The Company can report unaudited 2019 year-end cash of \u00a3<\/span>1,063,872<\/span>, nil debt and an outstanding receivable position of \u00a3<\/span>1,259,768<\/span>. Further, after prudent management of payables over the last six months, the Company currently has no outstanding major creditors outside of the normal course of running the business.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Solo has announced that in light of the unprecedented practical challenges presented by COVID-19, which have constrained outsourced finance functions and auditors, the Board has taken the decision to apply … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7443,11],"tags":[7684,7685,7683,7682,2466],"class_list":["post-8432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-eastern-africa","category-top-news","tag-agm","tag-audited-results","tag-scirocco-energy","tag-solo","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/solo-oil-plc.jpg?fit=600%2C400&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2c0","jetpack-related-posts":[{"id":13901,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-scirocco-ara-petroleum-execute-amendments-to-extend-the-longstop-date-of-proposed-transaction\/","url_meta":{"origin":8432,"position":0},"title":"TANZANIA: Scirocco, ARA Petroleum Execute Amendments to Extend the Longstop Date of Proposed Transaction\u00a0","author":"","date":"August 30, 2023","format":false,"excerpt":"Scirocco Energy announces an update regarding the Ruvuma transaction. Significant progress has been made and in order to allow additional time to complete the transaction, Scirocco and ARA Petroleum Tanzania (APT) have executed amendments to extend the longstop date of the proposed transaction from 31 August 2023 to 30 September\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12335,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-scirocco-energy-divest-its-interest-in-the-ruvuma-asset\/","url_meta":{"origin":8432,"position":1},"title":"TANZANIA: Scirocco Energy Divest its Interest in the Ruvuma Asset","author":"","date":"June 13, 2022","format":false,"excerpt":"Ruvuma Transaction Highlights Total consideration of up to US$16 million comprised of: Initial consideration of US$3 million payable on completion of the Proposed Transaction; US$3 million payable upon final investment decision being taken by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12527,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-apt-receives-first-batch-of-ntorya-field-seismic-data\/","url_meta":{"origin":8432,"position":2},"title":"TANZANIA: APT Receives First Batch of Ntorya Field Seismic Data","author":"","date":"August 2, 2022","format":false,"excerpt":"Ruvuma PSA JV partner Scirocco Energy reports that the operator\u00a0APT has received the first batch of field seismic data last week and expects to have processed and interpreted sufficient data to confirm the final drilling location of the Chikumbi-1 (CH-1) well before the end of August. Field acquisition continues to\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/06\/Tanzania-Ruvuma.png?fit=541%2C542&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14286,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-audited-final-results-for-the-year-ended-31-december-2023\/","url_meta":{"origin":8432,"position":3},"title":"MOROCCO: Sound Energy Announces Audited final results for the year ended 31 December 2023","author":"","date":"April 24, 2024","format":false,"excerpt":"HIGHLIGHTS Substantial 2023 Project execution undertaken -\u00a0positioned for significant operational and financial progress through development of pivotal Moroccan Tendrara Production Concession, with rig activities from June 2024 and plant commissioning planned by year end \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Phase 1 Micro LNG (mLNG) project (Phase 1): o\u00a0\u00a0Completed mLNG tank foundations and manufacturing of the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9457,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzania-ara-petroleum-to-commence-contracting-procurement-ahead-of-ntorya-gas-discovery-3d-seismic-programme\/","url_meta":{"origin":8432,"position":4},"title":"TANZANIA: ARA Petroleum to Commence Contracting & Procurement Ahead of Ntorya Gas Discovery 3D Seismic Programme","author":"","date":"November 23, 2020","format":false,"excerpt":"APT has notified the joint venture that it intends to commence immediately with the contracting and procurement of services and equipment to execute a 3D seismic programme over the Ntorya gas discovery and the drilling of the Chikumbi-1 appraisal and exploration well. The joint venture is looking to take full\u2026","rel":"","context":"In "Eastern Africa"","block_context":{"text":"Eastern Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/eastern-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/09\/Ntorya-development-license.png?fit=532%2C443&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13664,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-its-audited-final-results-for-the-year-ended-31-december-2022\/","url_meta":{"origin":8432,"position":5},"title":"MOROCCO: Sound Energy Announces its Audited Final Results for the year ended 31 December 2022.","author":"","date":"May 8, 2023","format":false,"excerpt":"HIGHLIGHTS Development of the Moroccan Tendrara Production Concession \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Phase 1 Micro LNG project o\u00a0\u00a0Signing of the Notice to Proceed in February 2022 o\u00a0\u00a0Drawdown of the Loan Note subscription with Afriquia Gaz commenced in February 2022 o\u00a0\u00a0Site preparation activities at the Tendrara TE-5 Horst commenced in March 2022 o\u00a0\u00a0Main civil work\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=8432"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8432\/revisions"}],"predecessor-version":[{"id":8435,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/8432\/revisions\/8435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8434"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=8432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=8432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=8432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}