Return of the Deposit

RNS Number : 5162F

Solo Oil Plc

10 March 2020

 

10 March 2020

Solo Oil plc

("Solo" or "the Company") 

Return of the Deposit

Solo (AIM: SOLO), the AIM investing company, targeting attractive production and development opportunities within the European gas market, announces that further to the market announcement on 2 March 2020 detailing the termination of the SPA, and following a period of negotiation, the Company has agreed with ONE-Dyas that it will contribute €0.23 million to ONE-Dyas' costs in relation to the Proposed Transaction on account of certain conditions not being achieved by the termination of the SPA. This will be deducted from the €1.0 million deposit paid by Solo to ONE-Dyas on execution of the SPA. Solo has already received €0.5 million of the deposit and the remaining balance due of €0.27 million, should be received on or before 13 March 2020.

The Board is confident that the Company has sufficient cash resources to meet current firm budgeted commitments within its existing portfolio of assets in Tanzania, and to cover general working capital needs for the remainder of 2020.

Capitalised terms in this announcement carry the same meaning as those defined in the announcement of 2 March 2020, unless the context requires otherwise.

For further information:

Solo Oil plc Tom Reynolds, CEO Doug Rycroft, COO Romina Mele-Cornish, CFO	[phone]
Strand Hanson Limited, Nominated Adviser & Broker James Spinney / Ritchie Balmer / Rory Murphy	[phone]
Buchanan, Financial PR Ben Romney / Kelsey Traynor / James Husband	[phone]

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014.

 

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