Solo has made another announcement this morning as it ‘strengthens the team with the appointment of an experienced CFO – Mrs Romina Mele-Cornish,and equally as experienced Doug Rycroft as COO’. Doug Rycroft is currently General Manager on secondment from Gneiss Energy so is already fully up to speed with the significant progress that has been made recently at Solo whilst Mrs Mele Cornish has an outstanding record in the oil sector.
These string of releases in recent weeks make me think that Solo might be gearing up for something big, after all these are all the essential building blocks for a company much bigger than is at present. I have had a number of requests from shareholders on social media in recent weeks wondering if anything was ever going to happen at Solo after the tumultuous launch some months ago, these snippets make me think that they should stay on for the ride, I can’t imagine that nothing is going to happen now, as promised then.
I did not get all the data I needed on Friday to mention AMER, I am on vacation with poor connections…
The company issued a reserves update for Colombia as part of the FSP produced by industry experts McDaniels, previously it was Petrotech. They give 15.04 MMBO of 1P, 21.80 of 2P and 31.13 of 3P (with 1.2m boe produced to end July. At CPO-5 2P reserves are 9.5 MMBO is an increase with significant further drilling activity in the second half. At Platanillo reserves are marginally lowered to ‘reflect a more conservative approach to field economics in the late life of fields’.
I read these as positive as McDaniels has a cast iron industry reputation and is therefore more likely to inspire a realistic valuation in the FSP, indeed I hope that it also discourages the company from being sold on the cheap.