Solo rns27 Feb 2018 18:37
Acquisition of an Additional 5%�Interest in HHDL
The Company has entered into a definitive sales and purchase agreement ("SPA") to acquire a further�5% interest in HHDL from Primorus Investments plc ("Primorus").��Solo already holds a 10% interest in HHDL which in turn holds a 65% interest in two onshore UK petroleum exploration licences, PEDL 137 and PEDL 246, that contain the Horse Hill oil discovery. The discovery is due to be long-term tested in the second quarter of 2018 and where the operator is targeting development as early as 2019.
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Solo has agreed to pay Primorus an aggregate consideration of �1 million; made up of �650,000 in cash and the balance in Solo shares to be priced at the 10-day volume weighted average price prior to the date on which the transaction completes.� The SPA is conditional only on the written consent of each of the members of HHDL to the sale of shares as envisaged in HHDL's articles of association.
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Once the acquisition is completed Solo will hold a 15% interest in HHDL and a 9.75% interest in the Horse Hill licences�PEDL137 and PEDL246.
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