www.solooil.co.uk
Solo Oil plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.
Solo Oil draws down £350,000 from Dutchess Capital equity line
Solo Oil (LON:SOLO) has drawn down £350,000 from the three-year £10 million equity Line facility arranged in November 2011 with Dutchess Opportunity Cayman Fund Ltd.
This is the first drawdown from the facility.
The explorer has issued 59,322,034 new Solo shares at a 5 percent discount to the market price, in line with the agreement.
Dutchess Capital was founded in 2000 and has transacted over US$2 billion in equity line facility (ELF) commitments globally. It sources worldwide investment opportunities, with offices in Boston, New York, London, Seoul and Beijing.
The facility was arranged by First Columbus LLP - Dutchess' joint venture partner in the UK.
Earlier this week, Solo reported the spudding of the Airport North exploration well in Ontario Canada. Its associate Reef Resources (CVE:REE) began drilling on December 29. The exploration well is located approximately 1 kilometre north of the Airport South reef. It has a targeted depth of 608 meters.
Solo currently has a 23.8 per cent working interest in the Reef properties and it will increase that stake to 38.1 per cent in the near future.

















