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 of1.4428 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
+44 (0) 20 7440 0642
Strand Hanson (Nominated Adviser)
James Spinney, Ritchie Balmer, Frederick Twist
+44 (0) 20 7409 3494
Shore Capital (Broker)
Ben Romney / Chris Judd / James Husband
+44 (0) 20 7408 4090
+44 (0) 20 7466 5000
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.
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