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Investment in Argentina

5th Apr 2012 07:00

RNS Number : 8734A
Solo Oil Plc
05 April 2012
 



Immediate Release

5 April 2012

 

 

Solo Oil plc

('Solo' or 'the Company')

 

 

Investment in Argentina

 

Solo Oil plc today announces that discussions regarding the Heads of Agreement ("HOA") with Obtala Resources Limited ("Obtala") to acquire Ilakon Limited, a wholly owned Obtala subsidiary, which holds the beneficial rights to the Mina El Carmen block in Argentina, have been terminated by mutual agreement.

 

The HOA announced in December 2011 anticipated completion in late January 2012, however, the parties have now concluded that administrative delays in due diligence preclude timely completion and have agreed to terminate the HOA.

 

Solo, in line with its investment strategy to acquire a diverse portfolio of direct and indirect interests in exploration, development and production, continues to actively review investment opportunities, but is currently focussed on Tanzania as a result of the recent discovery in its Ntorya-1 well in the Ruvuma PSA.

 

For further information:

 

Solo Oil plc

David Lenigas

Neil Ritson

+44 (0) 20 7440 0642

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396

Old Park Lane Capital Plc

Joint Broker

Michael Parnes

Luca Tenuta

 

Shore Capital

Joint Broker

Pascal Keane

Jerry Keen (Corporate Broker)

 

Pelham Bell Pottinger

Public Relations

Mark Antelme

 Henry Lerwill

 

+44(0) 20 7493 8188

 

 

 

 

 

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7861 3232

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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