Solo has signed a Sale Purchase Agreement (SPA) to acquire an additional 4.9% shareholding in Swiss based Pan Minerals & Oil AG (Pan Minerals) for a cash consideration of US$500,000. This brings the total investment into Pan Minerals to approximately £800,000 and increases Solo's direct equity interest in Pan Minerals from 15% to 19.9%.

As previously announced in May 2013, the purpose of Solo's investment in Pan Minerals is to assist in the financing agreements in order to progress Pan Mineral's operations onshore in West Africa. Pan Minerals is a Special Purpose Vehicle company focused on acquiring (subject to financing) a farm-in interest in an onshore oil field which was most recently tested at over 2,000 bopd of sweet 20 degree API oil from its discovery well.

Tags: Solo Oil