StockMarketWire.com - Solo Oil said it had agreed to acquire a package of non-operated interests in natural gas fields in the Dutch sector of the North Sea from ONE-Dyas for up to €32.1m.

The acquisition cost included a €30.1m upfront payment plus a deferred payment of €2.0m upon first production from one of the fields to be acquired.

Solo would make the acquisition through subsidiary Scirocco Energy and fund the deal through a combination of a new debt facility with Mercuria Energy, around £20m of new equity and existing resources.

The transaction was classified as a reverse takeover and accordingly the company's shares would accordingly be temporarily suspended from trading on AIM.

Its completion was subject to approval by Solo's shareholders at a general meeting to be convened in due course.

It was intended that the admission document would be published midway through the fourth quarter of 2019.



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