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Solo Oil exits Isle of Wight project with sale to UKOG

Following on from its prior disposal of a stake in Horse Hill, Solo has now agreed to also sell its 30% interest in the Isle of Wight project to UKOG.
oil and gas operations
The Isle of Wight asset was deemed non-core to Solo

Solo Oil PLC (LON:SOLO) has agreed to sell its 30% in UK licence PEDL331, located on the Isle of Wight, which hosts the undeveloped Arreton oil discovery.

UK Oil & Gas Investments will pay £350,000 to acquire the stake, to take its overall ownership of the project to 95%.

READ: Solo Oil boosted by Kiliwani North fix

The consideration will comprise £90,450 of cash and the remainder will be made up of UKOG shares, some 17.98mln shares, priced at 1.4428p (the average market price over a five day period ended 10 December).

Solo had considered the asset to be non-core, and, it follows a prior deal earlier this year which saw it sell its interest in the Horse Hill oil project to UKOG.

"This transaction is fully in line with our stated strategy and provides further evidence of our ability to monetise assets within our portfolio and make strong returns on our investments,” said Dan Maling, Solo managing director.

“This asset was not core to our future strategy and this disposal provides a point of monetisation whilst also reducing the burden of future project related cash calls during the ongoing planning phase. 

“The transaction further strengthens our balance sheet ensuring we are well funded for commitments on the core projects within our portfolio."

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