Help Desk -
9958816305, 9810335381

Energy BV & ONE-Dyas BV Sign Sale and Purchase Agreement

Gasoil News - Published on Tue, 15 Oct 2019

Image Source:
Soloa announced that its wholly owned subsidiary, Scirocco (Netherlands) Energy BV has entered into a binding sale and purchase agreement with ONE-Dyas BV to acquire a package of non-operated interests in natural gas fields from ONE-Dyas in the Dutch sector of the North Sea. The consideration for the Proposed Transaction comprises an upfront payment of EUR 30.1 million plus a future deferred payment of EUR 2.0 million upon first production from future development of the hydrocarbons currently designated as 2C resources contained within one of the fields to be acquired. Solo anticipates the Proposed Transaction will be funded through a combination of a new debt facility with Mercuria Energy Group Ltd new equity and existing resources.

The Proposed Transaction is classified as a reverse takeover transaction pursuant to the AIM Rules and accordingly the Company's shares will be temporarily suspended from trading on AIM as of 07:30 a.m. today. Completion of the Proposed Transaction is therefore subject to approval by Solo's shareholders at a general meeting to be convened in due course ("General Meeting") and the raising of below mentioned equity & debt and regulatory, government and partner consents. In order to convene the General Meeting, the Company is required to publish an AIM Admission Document which details, inter alia, the Proposed Transaction. It is intended that the Admission Document will be published by mid Q4 2019.

Source :

Posted By : Rabi Wangkhem on Tue, 15 Oct 2019
Related News from Gasoil segment