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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...Read more
Solo Oil and Obtala end talks over Argentina investment after administrative delaysApril 05 2012, 7:35am
Solo Oil (LON:SOLO) said the talks with Obtala Resources Ltd (LON:OBT) about Solo acquiring an oil concession in Argentina have been terminated by mutual agreement.
As announced early December, the companies had entered into heads of agreement for Solo buying Ilakon Ltd, a wholly-owned Obtala subsidiary which holds the beneficial rights to the Mina El Carmen block in Argentina.
Solo told investors today that the parties had anticipated completion in late January 2012, however, they have now concluded that administrative delays in due diligence preclude timely completion and have agreed to terminate the agreement.
In line with its investment strategy to acquire a diverse portfolio of direct and indirect interests in exploration, development and production, Solo continues to actively review investment opportunities, but is currently focused on Tanzania as a result of the recent discovery in its Ntorya-1 well in the Ruvuma PSA.