StockMarketWire.com - Resources company investor Solo Oil said it had agreed to exit its 20% investment in Burj Petroleum Africa for a nominal sum of £1.

Burj had applied for various undeveloped fields in the 2014 Nigerian Marginal Fields Bid Round.

Solo had sold its stake to Burj Petroleum Corporation, an existing shareholder in Burj, subject to no other shareholders in Burj exercising their pre-emption rights.

'Whilst the divestment consideration is nominal, the symbolic relevance of this divestment is material,' executive chairman Alastair Ferguson said.

'We continue to rationalise the portfolio in line with our stated strategic objectives as we seek to clean up the portfolio through divestment of all non-core assets.'



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