logo-loader
RNS
viewSolo Oil PLC

Solo Oil Plc - Return of the Deposit

RNS Number : 5162F
Solo Oil Plc
10 March 2020
 

10 March 2020

Solo Oil plc

("Solo" or "the Company") 

Return of the Deposit

Solo (AIM: SOLO), the AIM investing company, targeting attractive production and development opportunities within the European gas market, announces that further to the market announcement on 2 March 2020 detailing the termination of the SPA, and following a period of negotiation, the Company has agreed with ONE-Dyas that it will contribute €0.23 million to ONE-Dyas' costs in relation to the Proposed Transaction on account of certain conditions not being achieved by the termination of the SPA. This will be deducted from the €1.0 million deposit paid by Solo to ONE-Dyas on execution of the SPA. Solo has already received €0.5 million of the deposit and the remaining balance due of €0.27 million, should be received on or before 13 March 2020.

The Board is confident that the Company has sufficient cash resources to meet current firm budgeted commitments within its existing portfolio of assets in Tanzania, and to cover general working capital needs for the remainder of 2020.

Capitalised terms in this announcement carry the same meaning as those defined in the announcement of 2 March 2020, unless the context requires otherwise.

For further information:

Solo Oil plc

Tom Reynolds, CEO

Doug Rycroft, COO

Romina Mele-Cornish, CFO

+44 (0) 20 7440 0642

 

Strand Hanson Limited, Nominated Adviser & Broker

James Spinney / Ritchie Balmer / Rory Murphy

 

+44 (0) 20 7409 3494

 

 

Buchanan, Financial PR

Ben Romney / Kelsey Traynor / James Husband

 

+44 (0) 20 7466 5000

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCSSLFUUESSELD

Quick facts: Solo Oil PLC

Price: 1.2

Market: AIM
Market Cap: £7.77 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Solo Oil's Neil Ritson on Horse Hill, Ruvuma and plans to refresh the team

Neil Ritson, chairman of Solo Oil PLC (LON:SOLO), discusses with Proactive's Andrew Scott the first batch of production testing results from Horse Hill,  the decision by their partner at Ntorya, Aminex plc (LON:AEX) to farm-out two-thirds of its 75% interest in the project and the...

on 19/7/18