SXS

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


The Board of Solimar Energy Limited (ASX:SGY)(TSX VENTURE:SXS) ("Solimar" or
"the Company") has been advised by the current Chief Executive Officer (CEO), Mr
Will Satterfield, that for personal reasons he has regretfully decided to step
down as CEO of the Company. Mr Satterfield will however continue an involvement
with the Company by remaining on the Board as a non-executive director.


The Board will in the interim be appointing an executive committee to oversee
the operations of the Company. The Committee will be headed up by Mr Jason
Bednar who has a strong background in the management of oil and gas companies
including Pan Orient Energy Corp, Canadian 88 Energy Corp and and is currently
CFO and a director of MENA Hydrocarbons Inc. 


Mr Bednar and the committee will also be supported by the team in Ventura and in
particular Mr Donn Pedersen who will manage the operations. Mr Pedersen has been
consulting with the Company for the past two years and in that time has worked
closely with Will Satterfield and the previous CEO, John Begg. 


The Board and Mr Satterfield have agreed that he will assist Mr Jason Bednar and
the committee as they assume management of the Company.


The Board remain committed to the Company's projects and believe that for the
interim the executive committee with assistance from the operations team will
prove effective in managing the Company. 




Frank Petruzzelli                                                           
Chairman                                                                    
Solimar Energy Limited                                                      



This press release contains certain forward-looking statements within the
meaning of applicable securities law. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur, including without limitation
statements relating to intended testing, work programs, financing and associated
timelines. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. Solimar Energy Limited cannot assure that actual results will be
consistent with these forward-looking statements. They are made as of the date
hereof and are subject to change and Solimar Energy Limited assumes no
obligation to revise or update them to reflect new circumstances, except as
required by law. Prospective investors should not place undue reliance on
forward-looking statements. These factors include the inherent risks involved in
the exploration for and development of crude oil and natural gas properties, the
uncertainties involved in interpreting drilling results and other geological and
geophysical data, fluctuating energy prices, the possibility of cost overruns or
unanticipated costs or delays and other uncertainties associated with the oil
and gas industry. There is no assurance that the Offering will be completed.


ABN 42 112 256 649

FOR FURTHER INFORMATION PLEASE CONTACT: 
Solimar Energy Limited
+61 3 9347-2409 or +1 805-643-4100
www.solimarenergy.com.au

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