Solo Oil plc announces that discussions regarding the Heads of Agreement (HOA) with Obtala Resources Limited (Obtala) to acquire Ilakon Limited, a wholly owned Obtala subsidiary, which holds the beneficial rights to the Mina El Carmen block in Argentina, have been terminated by mutual agreement. The HOA announced in December 2011 anticipated completion in late January 2012, however, the parties have now concluded that administrative delays in due diligence preclude timely completion and have agreed to terminate the HOA.
Solo, in line with its investment strategy to acquire a diverse portfolio of direct and indirect interests in exploration, development and production, continues to actively review investment opportunities, but is currently focussed on Tanzania as a result of the recent discovery in its Ntorya-1 well in the Ruvuma PSA.
