1st Sep 2020 14:22
Solo Oil PLC - AIM-listed oil investment company - Annual pretax loss widens in 2019 to GBP2.6 million from GBP974,000. Operating expenses rose to GBP2.6 million from GBP2.0 million. Noted GBP1.8 million gain from Horse Hill development in 2018 not repeated in 2019.
Chief Executive Tom Reynolds said: "During an unprecedented time for the industry, we are committed to working hard to deliver our strategy. 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."
Current share price: 1.14 pence
Year-to-date change: down 53%
By Paul McGowan; [email protected]
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