- Solo Oil said it had agreed to sell its entire 30% interest in a prospect on the Isle of Wight to UK Oil and Gas for £350k.

The sale of the stake in the PEDL331 block, which contained the Arreton discovery, would be satisfied through the issue of around 18m new UK Oil and Gas shares, plus £90,450 cash.

The payments shares were calculated based on the 5-day volume weighted average price to 10 December 2018 of 1.4428p each.

UK Oil and Gas said the first appraisal well at Arreton, Arreton-3, was now scheduled to be drilled, cored and tested in the first quarter of 2020.

At 8:22am: [LON:SOLO] Solo Oil PLC share price was +0.03p at 1.53p

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