LONDON (Alliance News) - Solo Oil PLC Monday said it has signed a sale purchase agreement to acquire an additional 4.9% shareholding in Swiss-based Pan Minerals & Oil AG for USD500,000.
The oil and gas exploration and production company with assets in the US, Europe and Africa said the new deal brings its total investment in Pan Minerals up to roughly GBP800,000 and increases its equity interest in Pan Minerals to 19.9%.
Solo Oil said that Pan Minerals is a special-purpose-vehicle company focused on acquiring interest in onshore oil fields in West Africa, including one which was recently tested at over 2,000 barrels of oil per day.
The company said Pan Minerals has invested nearly USD3.5 million to complete farm-in deals in West Africa, and Solo's additional investment will assist in the completion of deals in the region.
Solo Oil shares were flat at 0.285 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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