Stock Market News
Primorus offloads 5% Horse Hill holding to Solo Oil
Primorus Investments confirmed on Friday that it has completed the disposal of a 5% interest in well appraisal and development company Horse Hill Developments Limited (HHDL) to Solo Oil PLC.
AIM-traded company Primorus Investments will now receive £650,000 in cash and 9,973,011 ordinary Solo Oil shares of 0.2p, with the shares expected to be admitted to trading on or around 15 March.
Alastair Clayton, executive director of Primorus Investments, said: "We are pleased to have concluded this transaction as part of our on-going portfolio management strategy. We now have realised significant funds for further investment in our portfolio and look forward to updating shareholders soon on the progress, especially as several of our investments move rapidly towards IPO's."
HHDL's Horse Hill-1 well is expected to commence in Q2 and is expected to lead to a declaration of commerciality after showing a potentially commercial rate of 320 barrels of oil per day.
Neil Ritson, executive chairman of Solo Oil, said: "With testing due to commence shortly at Horse Hill we are pleased to have increased our interest in this exciting opportunity and look forward to more news as operations get underway later this month."
According to a statement from the company, Solo Oil will now hold "a 15% interest in HHDL equivalent to a 9.75% interest in the Horse Hill licences, PEDL137 and PEDL246, and the Horse Hill oil discovery."
Primorus, meanwhile, will hold a 5% interest in HHDL equivalent to a 3.25% interest in the licenses and oil discovery.
As of 1339 GMT, Primorus Investments' shares were up 3.33% at 0.16p, while Solo Oil PLC's shares were unchanged at 3.25p.
AIM-traded company Primorus Investments will now receive £650,000 in cash and 9,973,011 ordinary Solo Oil shares of 0.2p, with the shares expected to be admitted to trading on or around 15 March.
Alastair Clayton, executive director of Primorus Investments, said: "We are pleased to have concluded this transaction as part of our on-going portfolio management strategy. We now have realised significant funds for further investment in our portfolio and look forward to updating shareholders soon on the progress, especially as several of our investments move rapidly towards IPO's."
HHDL's Horse Hill-1 well is expected to commence in Q2 and is expected to lead to a declaration of commerciality after showing a potentially commercial rate of 320 barrels of oil per day.
Neil Ritson, executive chairman of Solo Oil, said: "With testing due to commence shortly at Horse Hill we are pleased to have increased our interest in this exciting opportunity and look forward to more news as operations get underway later this month."
According to a statement from the company, Solo Oil will now hold "a 15% interest in HHDL equivalent to a 9.75% interest in the Horse Hill licences, PEDL137 and PEDL246, and the Horse Hill oil discovery."
Primorus, meanwhile, will hold a 5% interest in HHDL equivalent to a 3.25% interest in the licenses and oil discovery.
As of 1339 GMT, Primorus Investments' shares were up 3.33% at 0.16p, while Solo Oil PLC's shares were unchanged at 3.25p.
Related share prices |
---|
Primorus Investments (PRIM) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price