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Solo Oil Proposed Transaction and Reverse Takeover Update

Solo Oil plc (LON: SOLO), the AIM investing company, targeting attractive production and development opportunities within the European gas market, announced today that, further to the update provided by the Company on 20 December 2019, the Company remains in discussion with ONE Dyas with a view to renegotiating terms on the proposed transaction in order to enable the deal to proceed.

As part of the Proposed Transaction, the Board continues to assess all debt and equity funding options available to the Company.

Additionally, the Solo Oil Board continues to progress a number of complementary business development opportunities in line with its European gas strategy.

The Board reiterates that there can be no guarantees that the Proposed Transaction will proceed and intends to provide a further update to market as soon as possible.

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