UK Oil & Gas Investments will pay £350,000 to acquire the stake, to take its overall ownership of the project to 95%.
The consideration will comprise £90,450 of cash and the remainder will be made up of UKOG shares, some 17.98mln shares, priced at 1.4428p (the average market price over a five day period ended 10 December).
Solo had considered the asset to be non-core, and, it follows a prior deal earlier this year which saw it sell its interest in the Horse Hill oil project to UKOG.
"This transaction is fully in line with our stated strategy and provides further evidence of our ability to monetise assets within our portfolio and make strong returns on our investments,” said Dan Maling, Solo managing director.
“This asset was not core to our future strategy and this disposal provides a point of monetisation whilst also reducing the burden of future project related cash calls during the ongoing planning phase.
“The transaction further strengthens our balance sheet ensuring we are well funded for commitments on the core projects within our portfolio."