Solo Oil Plc (LON:SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, today announces the appointment of Jon Fitzpatrick as a non-executive director of the Company.
Mr Fitzpatrick is a qualified corporate lawyer and petroleum economist and has worked for over 20 years in the investment banking and energy sectors. In 2016, Mr Fitzpatrick founded the Gneiss Energy advisory practice operating exclusively within the energy and resources sectors. Prior to this he was Senior Managing Director and Head of Natural Resources for Europe, Middle East and Africa at Macquarie Capital. He also serves as Senior Advisor to the Board of Rockrose Energy plc, an independent oil and gas and infrastructure company listed on the main market of the London Stock Exchange.
As anticipated in the Company’s 18 December 2017 news release, Mr Fergus Jenkins has now resigned as a non-executive director with immediate effect.
Jon Fitzpatrick commented: “I am delighted to be invited by the Solo Board to become a director at this exciting phase of the Company’s development. With the major gas discovery in the Ruvuma Basin reaching sanction, testing due to start at Horse Hill and the ongoing development of a unique position in natural helium exploration; Solo has developed an exceptional portfolio and I hope to play an active part in monetising those assets, whilst helping to grow and expand the portfolio for the future”.
Neil Ritson, Solo Oil Plc Executive Chairman, commented: “Jon brings new perspectives and an additional set of competencies to the Solo Board, with his extensive capital markets and deal structuring expertise, which complements the existing team. We are delighted to have Jon join the Board and look forward to his active support and guidance in the future.”
The Solo Board is now composed of Neil Ritson; Executive Chairman, Dan Maling; Finance Director, Jon Fitzpatrick and Donald Strang; Non-executive Directors. Since Mr Fitzpatrick is not considered an independent director, and in view of the requirements for AIM companies to adopt a recognised governance code later this year, the Company currently has a process underway aimed at the appointment of at least one independent non-executive director over the coming months. It is additionally anticipated that Don Strang will retire as a director in the coming months once a new independent non-executive has been appointed.
In line with other directors of the Company Mr Fitzpatrick has also been granted 2,500,000 options over the Company’s shares at a strike price of 7p. This compares to the latest closing price of 3.2p and the recent placing price of 3.5p.
