Solo Oil buys stake in Pan Minerals

Oil explorer Solo Oil yesterday announced that it has agreed to acquire a 15 per cent stake in Pan Minerals for £500,000. The payment will be made up of £200,000 in cash and 60m new Solo shares of 0.01p each. “The purpose of this investment is to assist Pan Minerals to conclude existing production agreements that it has negotiated onshore in west Africa,” the company said.