Investment in Argentina

RNS Number : 8734A

Solo Oil Plc

05 April 2012

 



Immediate Release

5 April 2012

Solo Oil plc

('Solo' or 'the Company')

Investment in Argentina

Solo Oil plc today announces that discussions regarding the Heads of Agreement ("HOA") with Obtala Resources Limited ("Obtala") to acquire Ilakon Limited, a wholly owned Obtala subsidiary, which holds the beneficial rights to the Mina El Carmen block in Argentina, have been terminated by mutual agreement. 

The HOA announced in December 2011 anticipated completion in late January 2012, however, the parties have now concluded that administrative delays in due diligence preclude timely completion and have agreed to terminate the HOA.

Solo, in line with its investment strategy to acquire a diverse portfolio of direct and indirect interests in exploration, development and production, continues to actively review investment opportunities, but is currently focussed on Tanzania as a result of the recent discovery in its Ntorya-1 well in the Ruvuma PSA.

For further information: Solo Oil plc David Lenigas Neil Ritson [phone] Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish [phone] Old Park Lane Capital Plc Joint Broker Michael Parnes Luca Tenuta Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Pelham Bell Pottinger                            Public Relations Mark Antelme  Henry Lerwill [phone] [phone] [phone]

 

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