Solo Oil PLC (LON:SOLO) has said it is currently seeking to renegotiate certain terms of the reverse takeover agreement with ONE Dyas, announced on 9 October, to reflect operational and other changes since signing the original deal.

In a statement, Solo pointed out that while it enjoys an ongoing constructive dialogue with ONE Dyas, “there can be no guarantees that new mutually beneficial terms can be agreed, and as a result, the deal may not proceed.”

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Tom Reynolds, CEO commented: “In light of certain changes of circumstance since signing the Agreement with ONE Dyas, we felt it prudent to reengage with them with a view to agreeing new terms that better reflect the current and near-term outlook for the assets. This is wholly consistent with the Board’s stated strategy to ensure any acquisitions are executed at fair value for the Company.” 

He added: “We hope to agree on terms that are beneficial to all parties and allow us to complete this transaction.  We will update the market in due course once we have firm clarity on how to proceed.”