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Alba has an 18.1% interest in HHDL, for an effective 11.765% interest in the Horse Hill oil field and surrounding PEDL137 and PEDL246 licences (together the 'Horse Hill Project').
With CTA representing the Tibetan diaspora and the religious heads their devotees within Tibet, the resolutions would have reflected the will of the people and strengthened HHDL's hand in whatever he decides, reincarnation or emanation in his lifetime.
For a total consideration of GBP 4.5m (USD 5.85m), the company will purchase Solo's 15% shareholding in HHDL, equating to a further 9.75% beneficial interest in the Licences.
For a total consideration of GBP 1.925m (USD 2.47m), the company will receive Gunsynd's 2% and Primorus' 5% shareholding in HHDL, equating to a further 4.55% beneficial interest in the Licences.
The SPA is conditional on the written consent of each of the members of HHDL to the sale of shares as set out in HHDL's articles of association.
Solo will now hold a 15% interest in HHDL equivalent to a 9.75% interest in the Horse Hill licences, PEDL137 and PEDL246, and the Horse Hill oil discovery.
Solo already holds a 10% interest in HHDL which in turn holds a 65% interest in two onshore UK petroleum exploration licences, PEDL 137 and PEDL 246, which contain the Horse Hill oil discovery.
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