LONDON (Alliance News) - Solo Oil PLC Friday said it has agreed in principle with Reef Resources Limited to sell its 28.56% holding in the SW Ontario properties acquired in 2011, with a target closing date of 31 December.
Reef Resources is a oil and gas company based in Calgary, Canada.
"As we have previously indicated, we have been disappointed by the performance of the SW Ontario properties and the limited progress made with the field development this year," Solo Executive Director,Neil Ritson, said in a statement.
"We feel that our shareholders will be better served by Solo reinvesting the proceeds of an eventual sale elsewhere."
The stock was trading unchanged at 0.295 pence.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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