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Disposal of Burj investment

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RNS Number : 7341L
Solo Oil Plc
10 September 2019
 

10 September 2019

Solo Oil plc

("Solo" or "the Company") 

 

Disposal of Burj investment

Solo Oil (AIM: SOLO), a natural resources investment company focused on acquiring a balanced portfolio of production, development and exploration assets, is pleased to announce that it has signed a sale and purchase agreement ("SPA") to exit its 20% investment in Burj Petroleum Africa Limited ("Burj"), a company which had applied for various undeveloped fields in the 2014 Nigerian Marginal Fields Bid Round.

 

Solo will divest its interest in this non-core asset for a nominal consideration of £1 to Burj Petroleum Corporation, an existing shareholder in Burj, subject to no other shareholders in Burj exercising their pre-emption rights in relation to the proposed sale by Solo.  In doing Solo will so relinquish any future costs associated with Burj. Provided that no other shareholders in Burj exercise their pre-emption rights, it is anticipated that the deal will complete at the beginning of October 2019.

 

Commenting on the announcement, Alastair Ferguson, Executive Chairman said:

 

"Whilst the divestment consideration is nominal, the symbolic relevance of this divestment is material.  We continue to rationalise the portfolio in line with our stated strategic objectives as we seek to clean up the portfolio through divestment of all non-core assets and focus our attention on building the Company going forward around cash flow from high quality assets in low-risk jurisdictions and we look forward to updating shareholder in the near term as further progress is made."

 

 

 

For further information:

 

Solo Oil plc

Alastair Ferguson

 

+44 (0) 20 7440 0642

 

 

 

Strand Hanson

Nominated & Financial Adviser

Rory Murphy / James Spinney / Ritchie Balmer

 

+44 (0) 20 7409 3494

 

Shore Capital

Broker

Jerry Keen

 

Buchanan

Financial PR

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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