54th Oilbarrel Conference London

1September 2012

Basic facts: Solo Oil plc

London AiM Market Junior Oil and Gas Company (SOLO) London AiM Market Junior Oil and Gas Company (SOLO)

Non-operated oil and gas asset portfolio

Major stake in the prolific Ruvuma Basin in Tanzania

Recent Ntorya-1 discovery flowed 20 mmscf/d

More than 5 tcf of prospective resources identifiedp p

Enhanced Oil Recovery project in Ontario, Canada

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Strategy and Business Approach

Invest in oil and gas but do not operate “on the ground” Invest in oil and gas, but do not operate “on the ground”

Select undervalued assets in a range of geographic locations

Focus on unrealised exploration and exploitation potential

Leverage the skills and knowledge of the current operator

Use capital to gain access and crystallise valuep g y

Monitor closely, but do not duplicate the operators work

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Board of DirectorsChairman David Lenigas

Holds a Bachelor of Applied Science in Mining Engineering and has 30 years of resourcesindustry experience. Currently he is the Executive Chairman of Lonrho plc, Lonzim plc, Lonrhoy p y p pMining Ltd and Leni Gas and Oil plc. He is an Executive Director of Vatukoula Gold Mines plcand Rare Earth Minerals plc and maintains a wide range of resource industry contacts andactivities.

Executive Director

Neil RitsonHas a BSc in Geophysics. He has worked in the energy sector for 35 years, initially with BPplc for 23 years before managing the international operations of Burlington Resources Inc.More recently he was CEO at Regal Petroleum plc, before founding the Vanguard EnergyGroup where he was Chairman and CEO As Founder and Chairman of VE ResourcesGroup where he was Chairman and CEO. As Founder and Chairman of VE ResourcesLimited he oversaw the rapid growth of a company in the oil services sector. He is also theChief Executive of Leni Gas and Oil plc and a Non-Executive Director at Enovation ResourcesLtd.

Non-ExecutiveDirector

Sandy BarblettHas a bachelor of business from Curtin University of Technology in Perth, Western Australiaand a bachelor of laws from the University of Queensland; he previously worked for MinterEllison as a solicitor. Mr Barblett has over 15 years senior management experience workingy g p gwith private and publicly listed companies. He was a partner in Ironbridge Capital Partnersbased in London. Formerly he was with Pace plc the leading developer for the global pay TVindustry. He has advised a number of companies on raising private equity and general fundraising, corporate strategy and mergers and acquisitions.

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Ruvuma PSA, Tanzania

Interest: 25%Operator: Aminex (Nduvo Resources)p ( )Status: Exploration and Appraisal

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Tanzania Background

Original area of PSA 12,300 km2 , current area 6,079 km2

PSA in second exploration period

Approx. 80% onshore

Solo farm-in 2010 (Likonde-1)

Increased participation from 12 5% to 18 75% and then to 25%12.5% to 18.75% and then to 25%

Ntorya-1 gas discovery in 2012

5 75 tcf resources identified (ISIS) 5.75 tcf resources identified (ISIS)

Mtwara Port just 25km from Ntorya-1 discovery

Mtwara to Dar es Salaam gas pipeline construction expected to start in 2013

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Regional Resources

Ruvuma (aka Rovuma) Basin covers onshore and offshore areas of bothoffshore areas of both Mozambique and Tanzania

Major gas discoveries have been made offshore by:been made offshore by:

• Anadarko/Cove• BG/Ophir• ENI• Statoil• Statoil• etc

A total resource in excess of 100 tcf has beenof 100 tcf has been discovered

Ntorya-1 extends the proven fairway onshoreproven fairway onshore

Onshore offers cost and infrastructure advantages

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Early Phase Exploration

Hinge zone geology

Multiple reservoirs and plays

Limited 2D seismic Limited 2D seismic

Limited well control

First well (Likonde) First well (Likonde) had excellent shows

Second well (Ntorya) made a gasmade a gas discovery

Light oil/condensates are also presentare also present

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Stratigraphy

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Successful Flow Test

Ntorya-1 found gross 25 metres mid-Cretaceous sandstones

Total net sands 20 metres, clean with up to 20% porosity at 2,663 metres

Uppermost 3.5 metres were tested at various rates

Flowed 20.1 mmscf/d through a standard 1” choke

Formation pressure of 5,424 psip , p

Produced 139 bopd of condensate at 20 mmscf/d

Test analysis now complete and supports view that Ntorya is potentially economic

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Reserves/Resources

ISIS Petroleum Consultants study identifies:

• Proven gas at Ntorya (178 bcf)

• Large unproven up-dip segment of Ntorya (990 bcf)

• Four large gas prospects ranging 2 6 fup to 2.6 tcf

• Four other prospects/leads so far identified

• Oil potential and deeper Karoo

A total mean resource estimate of 5 75 t f ( 1 5 t f t t S l )5.75 tcf (~1.5 tcf net to Solo)

Appraisal block applied for

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Planned Gas Infrastructure

Large unsatisfied domestic gas demand, estimated at over 500 mmscf/d, to which Ruvuma PSA has an early-mover and cost advantage

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Next Steps

Obtain an appraisal area at Ntorya (application made)

Open a dataroom through a major M&A Advisor (jointly with Aminex) to seek a partner to participate in the second exploration period; bids due by end 2012exploration period; bids due by end 2012

Shoot approx. 890 km of full-fold infill 2D seismic in late 20122012

Drill at least two exploration wells, one in Lindi and one in Mtwara, during 2013

Drill an appraisal well at Ntorya and commence both ydevelopment planning and gas sales negotiation

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Ontario Reefs, Canada

Interest: 28.56%Operator: Reef ResourcesStatus: Development and

Production

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LocationLake HuronCanada

Lake Erie

USAUSA

Guelph time structure

Reefal Carbonate Reservoir

O d i i G l h F Ordovician age Guelph Fm

Shallow (< 650 metres)

L it f l Low porosity, vuggy reefalcarbonate

Light oil and condensates, d C A bl #5 A il 2011

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and gas Core Ausable #5, April 2011

Gas Cycling EOR Project

Moving from a low recovery oil production scheme to a gas cycling enhanced oil recovery project

Converting wells from beam pumps to down-hole venturi pumps

O f f Optimising surface facilities

Injecting gas from local utility and nearby equity di i (Ai t N thdiscoveries (Airport North and Airport South) to boost pressure and strip reservoir liquids

Ultimate oil recovery >80%

A bl #1 F b 2011

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Ausable #1, February 2011

Ausable Status

Ausable #5 well (2011) had over 70 metres of proven oil pay

Venturi pumps, new filtration and heating skids have been installed; current potential 275 bopd

Ausable Field, October 2011

p p y

Airport North (2012) and Airport South wells each have over 55 metres of gas pay, tie-ins will be completed in 2012

; p p

Refrigeration plant to be added in 2012 to strip additional condensate to maximise liquids recovery

p y, p

Ausable reef has 8.9 mmbbls STOIIPAnticipate ~500 bopd production by end 2012 and ~700 bopd in 2013

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Follow-on Potential

23,000 acre 3D surveyAusableReef

y

Numerous existing known Ordovician reefs

Several undeveloped discoveries, some untested reefs

Initial pilot development of an EOR scheme at Ausable

Follow-up potential using the same optimised engineering solution

Option to increase working interest to 38.1%

3D Seismic, Reef Resources Ltd

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Summary

Successful exploration track record in Tanzania

Probable commercial gas discovery at Ntorya-1

Significant upside in prospects; over 5 tcf potential Significant upside in prospects; over 5 tcf potential

New partner to be sought to accelerate exploration

Ausable Field will be cash flow positive in 2013 with an expected average 500 bopd of production by early 2013

Repeat opportunities in other known Ordovician reefs

Additional opportunities to be added to the portfolio over the course of time

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Forward Looking Statements

Certain statements in this presentation are “forward looking statements” which are not based onhi t i l f t b t th th t’ t ti di th C ' f t thhistorical facts but rather on the management’s expectations regarding the Company's future growth.These expectations include the results of operations, performance, future capital, other expenditures(amount, nature and sources of funding thereof), competitive advantages, planned exploration anddevelopment drilling activity including the results of such drilling activity, business prospects and

t iti S h t t t fl t t' t b li f d ti d b dopportunities. Such statements reflect management's current beliefs and assumptions and are basedon information currently available.Forward looking statements involve significant known risks, unknown risks and uncertainties. Anumber of factors could cause the actual results to differ materially from the results denoted in thesestatements, including risks associated with vulnerability to general economic market and businessconditions, competition, environmental and other regulatory changes, the results of exploration,development drilling and related activities, actions by governmental authorities, the availability ofcapital markets, reliance on key personnel, uninsured and underinsured losses and other factors,many of which are beyond the control of the Company.Although these statements are based upon what management believes to be reasonableassumptions, the Company cannot assure investors that the actual results will be consistent withthese forward looking statements.g

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