Alastair Ferguson, Solo Oil Chairman, commented:
“I am delighted to welcome Tom as our new Independent Non-Executive Director. We understand the importance of having an independent influence on the Board, particularly as we seek to execute our newly refined strategy. We are confident that Tom’s considerable industry and capital markets experience will add value to the Solo Board as we take the Company forward on a sustainable path for long-term growth.”
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 announced the appointment of Tom Reynolds as an Independent Non-Executive Director.
Mr Reynolds is a Chartered Engineer with over 25 years’ experience in the energy sector, including a range of technical and commercial roles with BP plc, Total SA and British Nuclear Fuels plc. He has also held management positions at private equity investment and advisory firms, including 3i plc, and specialises in strategic planning, investment management and cross-border M&A transaction execution in the oil, gas, energy and infrastructure sectors.
Mr Reynolds has considerable experience in the public markets, particularly in the oil & gas sector, including holding board seats on various companies listed in London, Oslo and Toronto. Most recently, he was CEO of Iona Energy Inc. and, immediately prior to that, he was CEO of Bridge Energy ASA, which Mr Reynolds grew through a series of acquisitions before listing the group in both Oslo and London, prior to its c.US$150m sale to HitechVision-backed Spike Exploration Holding AS in 2013, a valuation which represented a c. 50% share price premium.
Thomas Reynolds, age 48, holds or has held directorships in the past five years as follows:
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Details of Current Directorships and Partnerships |
Details of Previous Directorships and Partnerships (last 5 years) |
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Diverse Energy Solutions Limited |
Iona Energy Inc. |
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RAB Microfluidics Limited |
Iona UK Developments Co Limited |
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Quixote Advisers Limited |
Iona UK Huntington Limited |
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Decipher Production Limited |
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Quixote Associates Limited |
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Reynolds Spence Limited |
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Bridge Energy ASA |
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Bridge Energy Norge AS |
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Verus Petroleum UK Limited |
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Verus Petroleum Oil & Gas Limited |
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Verus Petroleum (CNS) Limited |
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Verus Petroleum (SNS) Limited |
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Verus Petroleum Enterprises (North Sea) Limited |
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Verus Petroleum (Production) Limited |
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Verus Petroleum (Exploration) Limited |
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Beaconsfield Collections Limited |
Together with his wife, Mr Reynolds holds 2,464,108 ordinary shares in the capital of Solo Oil plc, equating to approximately 0.4% of the Company’s issued share capital.
Tom Reynolds was the Chief Executive Officer, and a director, of Iona Energy, Inc, a Canada incorporated oil and gas company with assets in the UK and North Sea, which entered insolvency proceedings in December 2015. In January 2016, administrators were assigned to Iona’s UK subsidiaries, and the main subsidiary, Iona Energy Company (UK) Limited, was placed into a creditors voluntary arrangement in June 2016 which concluded in April 2017 with a net shortfall to creditors of c. £38.281 million. Related to the insolvency, in December 2015, a cease trade order was issued against Iona by the Alberta Securities Commission after Iona failed to file financial statements and other documents on time.
