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Solo Oil said it was attempting to renegotiate terms with potential reverse takeover suitor One Dyas.
The talks were being held to reflect operational changes, and the near-term value of the assets, since the signing an original agreement.
'Solo enjoys an ongoing constructive dialogue with One Dyas, however there can be no guarantees that new mutually beneficial terms can be agreed, and as a result, the deal may not proceed,' the company said.