Solo told the London Stock Exchange on Thursday it had signed a binding memorandum of understanding for a 15% shareholding in Pan Minerals & Oil, which has already negotiated existing production agreements for onshore oilfields in the region.
Consideration for the acquisition is GBP 500,000 ($779,000), comprising a GBP 200,000 cash payment and 60 million new ordinary Solo shares.
Pan Minerals has invested almost $3 million on pursuing farm-ins onshore West Africa, focusing on proven oilfields that have the potential to be brought onto production at more than 2000 barrels per day within a 12-month period.
