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Oilman Jim's Private Blog


Solo Oil - 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.

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