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Solo Oil Plc - Proposed Transaction and Reverse Takeover Update

RNS Number : 7512B
Solo Oil Plc
04 February 2020
 

4 February 2020

Solo Oil plc

("Solo" or "the Company") 

Proposed Transaction and Reverse Takeover Update

Solo (AIM: SOLO), the AIM investing company, targeting attractive production and development opportunities within the European gas market, announces that, further to the update provided by the Company on 20 December 2019, the Company remains in discussion with ONE Dyas with a view to renegotiating terms on the proposed transaction (the "Proposed Transaction") in order to enable the deal to proceed. 

As part of the Proposed Transaction, the Board continues to assess all debt and equity funding options available to the Company.

Additionally, the Board continues to progress a number of complementary business development opportunities in line with its European gas strategy.

The Board reiterates that there can be no guarantees that the Proposed Transaction will proceed and intends to provide a further update to market as soon as possible.

 

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.
 
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Quick facts: Solo Oil PLC

Price: 1.125

Market: AIM
Market Cap: £7.28 m
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