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Solo Oil buys into Pan Minerals
Tanzania-focused Solo Oil on 21 May announced it had bought a 15% stake worth £500,000 ($756,000) in Pan Minerals & Oil AG. Solo also retains a 90-day option for a first right of refusal to participate in any future equity financing of Pan Minerals for the development of its West African oil production opportunities. Solo said that the purpose of the investment, £200,000 in cash and 60m new Solo shares, is to help Pan Minerals “to conclude existing production agreements that it has negotiated onshore in West Africa”.
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