Solo Oil : Proposed Transaction and Reverse Takeover Update

Proposed Transaction and Reverse Takeover Update

Released : 04/02/2020 07:00

RNS Number : 7512B

Solo Oil Plc

04 February 2020

4 February 2020

Solo Oil plc

("Solo" or "the Company")

Proposed Transaction and Reverse Takeover Update

Solo (AIM: SOLO), the AIM investing company, targeting attractive production and development opportunities within the European gas market, announces that, further to the update provided by the Company on 20 December 2019, the Company remains in discussion with ONE Dyas with a view to renegotiating terms on the proposed transaction (the "Proposed Transaction") in order to enable the deal to proceed.

As part of the Proposed Transaction, the Board continues to assess all debt and equity funding options available to the Company.

Additionally, the Board continues to progress a number of complementary business development opportunities in line with its European gas strategy.

The Board reiterates that there can be no guarantees that the Proposed Transaction will proceed and intends to provide a further update to market as soon as possible.

For further information:
Solo Oil plc	[phone]
Tom Reynolds, CEO
Doug Rycroft, COO
Romina Mele‐Cornish, CFO
Strand Hanson Limited, Nominated Adviser & Broker	[phone]
James Spinney / Ritchie Balmer / Rory Murphy
Buchanan, Financial PR	[phone]
Ben Romney / Kelsey Traynor / James Husband

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014.

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