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Solo Oil Announces Acquisition of Assets in the Netherlands from ONE-Dyas


Solo Oil PLC, soon to be called Scirocco Energy Plc, has acquired a package of Dutch producing gas assets with development upside from ONE-Dyas for €30.1m. The transaction to be funded by €18m of debt from Mercuria and c.£20m of new equity.

The high-quality assets are located in a mature operating country connected to existing infrastructure with access to Europe’s 2nd largest gas market. On completion of the deal Scirocco will become the 4th largest quoted European independent in the Netherlands by production.


  • Material cash flow, strengthening Scirocco’s balance sheet and providing the basis for further growth
  • Average 2020E net production of 2.1kboepd (2P)
  • Incremental production from 2C to 2P conversion targeting net production of 3.3kboepd by 2022
  • 3.6mmboe net 2P reserves (as at 1 Jan 2019)
  • 11.1mmboe net 2P+2C resources 

Provides stable production and reserves

  • Three core areas with 14 gas fields (99% gas)
  • High quality operators in ONE-Dyas, Neptune and Total
  • Mid-life assets, with relatively low abex
  • Stable fiscal and regulatory environment
  • Pipeline infrastructure provides multiple exit routes

Development (2C) upside at each core area

  • Near-field resources and proximal to existing infrastructure
  • Well defined work programme to convert 2C to 2P
  • Production to increase to 3.3kboepd by 2022E

Platform to increase scale, driving further value

  • Acquisition immediately cash flow and value accretive
  • Programme targeting 2C is self-funding from free cash flow
  • Basis for future organic and inorganic growth 

Executing strategy

Scirocco is looking at opportunities to acquire gas assets from large independents and super-majors during a continued period of portfolio rationalisations and structural changes in the European energy dynamics. The company's target is to be significant gasfocused energy vehicle on AIM with production of 20 kboepd within 5 years.

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