Completion of disposal in PEDL331 Licence

RNS Number : 7529N

Solo Oil Plc

22 January 2019

 

22 January 2019

Solo Oil plc

("Solo Oil" or "The Company") 

Completion of disposal of interest in PEDL331 Licence

Solo Oil (AIM: SOLO), a natural resources investment company, is pleased to announce that the previously disclosed (12 December 2018) sale and purchase agreement of the Company's 30 per cent total interest in PEDL331 on the Isle of Wight ("IOW") to UK Oil and Gas plc ("UKOG") has been completed following approval from the Oil and Gas Authority.

UKOG has acquired Solo's 30 per cent interest in IOW for a total consideration of £350,000. Total consideration has been satisfied through the issuance of 17,989,326 new ordinary shares in UKOG ("Consideration Shares") and £90,450 in cash. The Consideration Shares, due to commence trading on AIM on or around 28 January 2019, were calculated based on the 5-day volume weighted average price to 10 December 2018 of 1.4428 pence. 

Managing Director, Dan Maling, commented:

"We are pleased to announce the completion of the disposal of the non-core Isle of Wight asset. This transaction follows the Company's ongoing monetisation strategy as we look to further strengthen the Company's balance sheet and make sound returns on our historical and mature investments."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

For further information:

Solo Oil plc Dan Maling	[phone]
Strand Hanson (Nominated Adviser) James Spinney, Ritchie Balmer, Frederick Twist	[phone]
Shore Capital (Broker) Jerry Keen Buchanan (PR) Ben Romney / Chris Judd / James Husband	[phone] [phone]

 

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