Solo Oil acquires Dutch North Sea assets from ONE-Dyas

AIM-listed Solo Oil has announced that its wholly owned subsidiary, Scirocco (Netherlands) Energy, has entered into a binding sale and purchase agreement with ONE-Dyas to acquire a package of non-operated interests in natural gas fields from ONE-Dyas in the Dutch sector of the North Sea for an upfront payment of €30.1 million plus a future deferred payment of €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.

The assets comprise three core areas with 14 gas fields.

The company said the Proposed Transaction will be funded through a combination of a new debt facility with Mercuria Energy Group, new equity and existing resources.

Source: Energy-pedia