Solo Oil Plc - Disposal of Ausable Reef gas assets to Levant
("Solo" or "the Company")
Disposal of Ausable Reef gas assets to Levant
Solo (AIM: SOLO), the AIM investing company targeting attractive production and development opportunities within the European energy market, provides the following update further to its announcement on
The Company has now entered into a conditional asset purchase agreement ("Agreement") with
As consideration for the Sale of Solo's interest, Levant shall issue the equivalent of a 1% Gross Overriding Royalty to the Company on any future production revenues. In addition, Levant will assume responsibility for future expenditure associated with the Assets.
The Company fully impaired the value of its holding in the Assets to zero in 2017, and incurred only nominal costs related to its holding in the Assets in 2019.
Commenting on the disposal,
"The disposal of the Ausable Reef interest is another milestone as we transition the Company away from legacy assets and progress along our stated strategic path. Over the last year we have made considerable progress in rationalising the portfolio to align it with our strategic objectives and provide line of site to value realisation on behalf of our shareholders. Completion of our ongoing Tanzanian assets sales process would mark a further major milestone in achievement of this strategy."
For further information:
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This information is provided by RNS, the news service of the
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