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Solo Oil Plc rejigs Horse Hill position for greater exposure across Weald Basin
Dan Maling, managing director of Solo Oil PLC (LON:SOLO), discusses with Proactive's Andrew Scott the decision to swap their stake in the Horse Hill discovery for shares in UK Oil & Gas Investments PLC (LON:UKOG).
Maling says they've entered into a conditional sale and purchase agreement to dispose of their entire 15% interest in the project for £4.5 million which has been used to purchase a 4.2% stake in UKOG.
For UKOG, the transaction increases its stake in the Horse Hill discovery to 46.73% (as it will hold 71.9% of the HHDL vehicle which owns 65% of the underlying asset).
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