25 Sep 2018 07:00
FOR IMMEDIATE RELEASE
25 September 2018
SOLO OIL PLC
("Solo" or the "Company")
Completion of Horse Hill Disposal &
Acquisition of UKOG shares
Solo (AIM: SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, today confirms the completion of the sale and purchase agreement ("SPA") to dispose of its entire 15% interest in Horse Hill Developments Limited ("HHDL") to UK Oil and Gas plc ("UKOG") for a total cash consideration of £4.5 million together with a simultaneous purchase of 234,042,221 new ordinary share in UKOG equivalent to a 4.2% interest in UKOG.
For a total consideration of £4.5 million UKOG agreed to acquire Solo's 15% shareholding and loan in HHDL. With an effective date of 28 August 2018, the total consideration will be satisfied through the issue of 234,042,221 new ordinary shares in UKOG ("Consideration Shares"). The Consideration Shares are due to be admitted to trading on AIM by 28 September 2018.
Solo now holds a 4.2% of the issued share capital of UKOG which will hold a 71.9% interest in HHDL which in turn holds a 65% interest in two onshore UK petroleum exploration licences, PEDL 137 and PEDL 246, which contain the Horse Hill oil discovery. In addition UKOG has interests in a further 6 licences located predominantly in the Weald Basin, onshore United Kingdom.
Solo's Managing Director, Dan Maling, commented:
"We are pleased to announce the close of this transaction ahead of the key Kimmeridge testing phase at Horse Hill. Solo remains a supporter of the project as we continue our exposure through our 4.2% stake in UKOG. We look forward to more updates from UKOG as the well testing continues."
For further information:
Solo Oil plc Dan Maling | +44 (0) 20 7440 0642 |
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Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Abrahams / Felicity Geidt | +44 (0) 20 7628 3396 |
Shore Capital Broker Jerry Keen
Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson |
+44 (0) 20 7408 4090
+44 (0) 20 7466 5000 |
Notes to Editors:
Solo Oil plc
Solo is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The Company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania. Solo also owns 4.2% in AIM listed UK Oil & Gas Limited.