AIM-listed Solo Oil has confirmed the completion of the acquisition of an additional 5% interest in Horse Hill Developments Limited ('HHDL') as previously announced on 27 February 2018. The conditions precedent to the Sale and Purchase Agreement ('SPA') have now been fulfilled, including the consent of other shareholders and the payment by Solo of the cash consideration of Â£650,000. The Company will now issue 9,973,011 ordinary shares of 0.2p in fulfilment of the share consideration to Primorus Investments based on the 10-day VWAP as provided for in the SPA.Â  The shares will be admitted for trading on or around the 15 March and under the terms of the SPA Primorus will not trade in Solo shares for a period of at least 45-days from completion. Testing at the Horse Hill-1 oil discovery is expected to commence in early second quarter and is anticipated to lead to a declaration of commerciality at the Portland Sandstone reservoir level where initial testing in 2016 showed a potentially commercial rate of 320 barrels oil per day ('bopd') on pump.Â  Additional testing of the Kimmeridge Limestone reservoirs will be undertaken in a test program expected to last approx. 150 days in total. Solo 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. Neil Ritson, Solo's Executive Chairman, commented: '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.' Original article link Source: Solo Oil 
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