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Solo in Burj sale

AIM-listed player exits non-core investment in Nigeria player for nominal sum

AIM-listed Solo Oil has inked a sale-and-purchase agreement to exit its 20% investment in Burj Petroleum Africa, an entity that had previously applied for undeveloped assets in Nigeria’s 2014 Marginal Fields bidding round.

The sale for a nominal sum of £1 ($1.23) is expected to be completed early next month.

London-based Solo’s divestment from this “non-core asset” was characterised by executive chairman Alastair Ferguson as “symbolic” and in line with a strategic objective to rationalise and clean up the portfolio.

“Our attention will focus on building the company around cash flow from high-quality assets in low-risk jurisdictions,” he said.

Solo remains focused on Tanzania where it has a large stake in the Aminex-operated Mtwara licence in Tanzania, a 7.55% interest in the nearby gas-producing Kiliwani North development, and a 13.8% stake in Rukwa Basin Helium One’s technical services agreement.

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