Solo Oil has acquired an additional 4.9% holding in a West Africa-focused company.
Following a $500,000 investment (£309,000), Solo has increased its interest in Pan Minerals & Oil – a Swiss-based company focused on acquiring a farm-in interest in an onshore oil field in West Africa.
The new deal increases Solo’s investment in Pan Minerals to $800,000, or 19.9% equity interest.
The recently tested oil field has flown at 2,000 barrels of oil per day.
“Given the progress made towards concluding finance for field development Solo has elected to increase its participation,” said Neil Ritson, Solo Oil’s chief executive.
“For commercial reasons, the details of the opportunities must remain confidential at this stage.”
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