Neil Ritson, chief executive of Solo Oil PLC (LON:SOLO) discusses with Proactive their ?2mln share placing and plans to acquire an additional stake in the Horse Hill oil project in southern England.
Solo's agreed a deal with Primorus Investments Plc to acquire a 5% stake in the HHDL vehicle which owns 65% of Horse Hill.
The transaction increases Solo's holding in HHDL to 15%, giving the company an effective 9.75% interest in the underlying oil project.
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