20 Dec 2019 14:00
20 December 2019
Solo Oil plc
("Solo" or "the Company")
Proposed Transaction Update
Solo (AIM: SOLO), a gas-focused production and development company targeting attractive growth opportunities within the European gas market, provides an update to shareholders with regards to the reverse takeover transaction ("Proposed Transaction") and suspension of trading announced on 9 October 2019. The Company is currently seeking to renegotiate certain terms of the Agreement with ONE Dyas to reflect operational and other changes since signing the original Agreement.
Solo enjoys an ongoing constructive dialogue with ONE Dyas, however there can be no guarantees that new mutually beneficial terms can be agreed, and as a result, the deal may not proceed.
Tom Reynolds, CEO commented: "In light of certain changes of circumstance since signing the Agreement with ONE Dyas, we felt it prudent to reengage with them with a view to agreeing new terms that better reflect the current and near-term outlook for the assets. This is wholly consistent with the Board's stated strategy to ensure any acquisitions are executed at fair value for the Company. We hope to agree on terms that are beneficial to all parties and allow us to complete this transaction. We will update the market in due course once we have firm clarity on how to proceed."
For further information:
Solo Oil plc Tom Reynolds, CEO Doug Rycroft, COO Romina Mele-Cornish, CFO | +44 (0) 20 7440 0642 |
Strand Hanson Limited, Nominated Adviser James Spinney / Ritchie Balmer / Rory Murphy |
+44 (0) 20 7409 3494
|
Buchanan, Financial PR Ben Romney / Kelsey Traynor / James Husband |
+44 (0) 20 7466 5000
|
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014.