Solo Oil PLC

Solo Oil exits Nigeria marginal fields venture

The move removes any potential future costs associated with the 20% shareholding.

Solo Oil PLC - Solo Oil exits Nigeria marginal fields venture
Burj Petroleum Africa previously applied for undeveloped assets in Nigeria

Solo Oil PLC (LON:SOLO) told investors that it has exited its Nigerian marginal fields venture.

The company has agreed to sell its 20% interest in Burj Petroleum Africa which previously applied for undeveloped Nigerian assets back in 2014. The stake is being sold for a nominal £1 to another shareholder in Burj.

It means that Solo will relinquish any future costs associated with Burj.

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

“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 and focus our attention on building the company going forward around cash flow from high quality assets in low-risk jurisdictions and we look forward to updating shareholder in the near term as further progress is made."

Solo expects the transaction will complete in October.

Quick facts: Solo Oil PLC

Price: £0.02

Market: AIM
Market Cap: £10.42 m

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