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Solo Oil completes Burj Petroleum exit

Solo noted that the transaction means it has relinquished any future costs associated with the investment.

Solo Oil PLC - Solo Oil completes Burj Petroleum exit

Solo Oil PLC (LON:SOLO) has confirmed the completion of its disposal of its interest in Burj Petroleum Africa Limited, in line with the expected timeline.

The AIM-quoted firm last month announced the exit and it has now told investors that no other shareholders in Burj have exercised their pre-emption rights in relation to the proposed sale by Solo.

Consequently, the proposed transaction to sell the shareholding for a nominal £1 fee will now proceed.

READ: Solo Oil highlights “significant steps” toward strategic goals

Solo noted that the transaction means it has relinquished any future costs associated with Burj.

On 10 September, when the exit was announced, executive chairman Alastair Ferguson 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."

Quick facts: Solo Oil PLC

Price: 1.04 GBX

AIM:SOLO
Market: AIM
Market Cap: £6.73 m
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