News listings

energy-pedia general news

Nigeria flagNigeria

Middle East / Africa >>> Nigeria

Nigeria: Solo Oil announces disposal of Burj investment


10 Sep 2019

Photo - see caption

AIM-listed Solo Oil has signed a sale and purchase agreement ('SPA') to exit its 20% investment in Burj Petroleum Africa, a company which had applied for various undeveloped fields in the 2014 Nigerian Marginal Fields Bid Round.

Solo will divest its interest in this non-core asset for a nominal consideration of £1 to Burj Petroleum Corporation, an existing shareholder in Burj, subject to no other shareholders in Burj exercising their pre-emption rights in relation to the proposed sale by Solo.  In doing Solo will so relinquish any future costs associated with Burj. Provided that no other shareholders in Burj exercise their pre-emption rights, it is anticipated that the deal will complete at the beginning of October 2019.

Commenting on the announcement, Alastair Ferguson, Executive Chairman said:

'Whilst the divestment consideration is nominal, the symbolic relevance of this divestment is material.  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.'

Original article link

Source: Solo Oil





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1700
Completed deals: 5220

Company Profiles

Current Company Profiles: 2645

Corporate Activity

Current Corporate Activity articles: 3304

Companies Looking

Current number of articles: 427

Company Sales

Current Company Sales articles:1362

Geostudies

Current Geostudies articles: 643

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

count geophysics
RSK Logo 149
Government of South Australia
Geoespace
SLR Consulting logo
Union Jack Oil 149
energy365
Bayphase
Rose & Assocs 149
OPC
KL Publishing
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com