Solo Oil raises fresh funds from institutional investor

The explorer sold 1,111,111,111 new shares, which were equal to 15.9% of its issued share capital, at a price 0.18p, which were placed with Epsilon Pty.

Proceeds from the placing would be used to fund its Ntorya-2 well in Tanzania and settle all outstanding amounts due to YA Global Master under an Equity Swap Agreement, which was now terminated.

Neil Ritson, Solo's Chairman, commented: "The Company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma Basin, Tanzania. We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter of this time."

As of 1537 BST shares in the outfit were falling by 6.12% to 0.23p giving the company a market capitalisation of £14.88m.