Aim rule 26

The following information is being disclosed for the purposes of Rule 26 of the AIM Rules (Last update 11 May 2017).

The Company is subject to the UK City Code on Takeover and Mergers. 

The Company's Investing Policy is to acquire a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore. The intention is to acquire a widely distributed mix of oil and gas development and production assets.

The Company may invest by way of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue), and such investments may constitute a minority stake in the company or project in question. The Company’s investments may take the form of equity, joint venture debt, convertible instruments, licence rights, or other financial instruments as the Directors deem appropriate.

Solo intends to be a long-term investor and the Directors will place no minimum or maximum limit on the length of time that any investment may be held.

There is no limit on the number of projects into which the Company may invest, nor the proportion of the Company’s gross assets that any investment may represent at any time and the Company will consider possible opportunities anywhere in the world.

All of the Company’s assets will be held in its own name, or through wholly owned subsidiaries.

View the companies operations here

The Board is responsible for creating value for shareholders, determining strategy, investment and acquisition policy, approving significant items of expenditure and consideration of significant financing and legal matters.

Mr. Ritson – Executive Chairman

Mr Ritson has worked in the energy sector for over 35 years, initially with BP plc, where he held the roles of International Chief Geophysicist, Head of Geoscience Research and Business Unit Leader for both Norway and Alaska Exploration. Subsequently Mr. Ritson managed the international operations of Burlington Resources Inc. and more recently he was CEO at Regal Petroleum plc before founding the Vanguard Energy Group where he was Chairman and CEO.  Mr. Ritson is a member of both the Audit and Remuneration committees.

Mr. Maling – Finance Director

Daniel (“Dan”) Maling has over 15 years of senior commercial management experience primarily in the oil and gas and resources sectors. Dan has worked with several AIM, ASX and TSX listed companies providing corporate finance, business development and corporate governance advice. He is currently director of a number of private companies and is Managing Director of boutique investment bank East Star Capital (UK) Limited. Dan is a member of the Chartered Accountants Australia & New Zealand.

Mr. Jenkins – Technical Director

Mr Jenkins is a Chartered Engineer with a Bachelor of Engineering degree in Mining Engineering and a Master of Engineering degree in Petroleum Engineering. He has 20 years of experience working in industry, initially in mining before moving to petroleum. Mr Jenkins worked in a variety of technical and increasingly senior managerial positions in mid-sized independent oil companies, including Enterprise Oil, LASMO, OMV (UK) Ltd and Afren plc and he currently serves as Chief Operating Officer to the AIM-traded Leni Gas & Oil plc.

Mr Strang– Non-Executive Director

Mr Strang is a member of the Australian Institute of Chartered Accountants and has been in business over 20 years, holding senior financial and management positions in both publicly listed and private enterprises in Australia, Europe and Africa. Mr Strang has considerable corporate and international expertise and over the past decade has focused on mining and exploration activities in the oil and gas and natural resources sectors. He was Finance Director before the appointment of Daniel Maling and he is currently a director of a number of AIM listed companies including Rare Earth Minerals Plc, Doriemus Plc and Polemos Plc.

The Board has established the following committees, each which has its own terms of reference:

Audit committee

The Audit Committee considers the Group’s financial reporting (including accounting policies) and internal financial controls. The Audit Committee comprises three Directors, Neil Ritson (Chairman), Don Strang and Daniel Maling is responsible for ensuring that the financial performance of the Group is properly monitored and reported on.

Remuneration committee

The Remuneration Committee is responsible for making recommendations to the Board on Directors’ and senior executives’ remuneration. It comprises two Directors, Neil Ritson (Chairman) and Don Strang. Non-Executive Directors’ remuneration and conditions are considered and agreed by the Board. The Committee will also have regard to the terms which may be required to attract an experienced executive to join the Board from another company.

Nomination committee

The directors do not consider that, given the size of the Board, it is appropriate to have a Nomination Committee. The appropriateness of such a committee will however, be kept under regular review by the Board.


Solo Oil plc is operated from the United Kingdom. Incorporated in England and Wales, with it's main operations in Tanzania and United Kingdom.

Solo Oil plc is currently listed on FTSE AIM All-Share.

  Number of Shares
Oustanding warrants


Outstanding options 


Total shares on issue 7,387,691,682
Total shares on issue (fully diluted)


% of securities not in public hands 20%

In addition the Company has 265,324,634 deferred shares of 0.69p each.  These deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company.  These shares resulted from the reverse takeover of Emersion Technology International plc and have no material significance to the current publicly traded shares. 

Last update 23/02/2017

Significant Shareholders Number of Shares % of Issued Capital
HSDL NOMINEES LIMITED 671,979,943 8.56%
HSBC CLIENT HOLDINGS NOMINEE (UK) LIMITED (731504) 415,666,606 5.30%
HSDL NOMINEES LIMITED (MAXI) 258,385,638 3.29%


View Latest Share Graphs

Last update 16/05/2017

There are no restrictions on the transfer of the Company’s AIM securities.


NOMAD & Joint Broker:
Beaumont Cornish Limited,
2nd Floor Bowman House,
29 Wilson Street,
London, EC2M 2SJ.

Joint Broker:
Shore Capital Limited,
Bond Street House,
14 Clifford Street,
London, W1S 4JU.

Investor & Media Relations:
Cassiopeia Services Ltd,

55 Gower Street,

Chapman Davis LLP,
Chapel Court,
London, SE1 1HH.

Kerman and Co LLP,
200 Strand,
WC2R 1D.

Share Registrars::
Share Registrars Limited,,
Suite E, First Floor,
9 Lion and Lamb Yard, 
Surrey. GU9 7LL.