Finance News Oil & Gas

Europa repays £1m loan to Union Jack

Posted on Author editorial Comments Off on Europa repays £1m loan to Union Jack

Europa Oil & Gas (Holdings) plc said it had repaid in full the £1 million loan from Union Jack Oil plc to drill the SA02 well in the Serenity field.

Deal: the Wressle security will be released, leaving the company unencumbered and free of debt (Pixabay)

TERMS

The loan was secured against a 10% interest in the Wressle field (PEDL180 and PEDL182), including the associated infrastructure.

Europa has also repaid the principal and accrued interest without penalty, and following repayment the loan will be cancelled.

The company added that the security would be released, leaving the company unencumbered and free of debt.

SERENITY

Joint venture partners i3 Energy (75%) and Europa (25%) drilled the SA02 well in the Serenity field with disappointing results.

Europa said that, once all invoices for the SA02 well are received and a final well cost established, it expects a repayment of some £2m from the escrow account.

Related Articles
Metals & Minerals News

Tungsten West to be one of the biggest producers outside China

Posted on Author editorial

Tungsten West Ltd will spend £30-40 million on reopening Drakelands / Hemerdon mine in Devon to become one of the biggest producers of tungsten concentrate outside China. The company is currently progressing with feasibility studies on tin-tungsten in the mine, also known as Hemerdon Mine, which is said to have the fourth largest reserves of […]
Company Moves News Oil & Gas

United appoints Simon Brett as interim CFO

Posted on Author editorial

United Oil & Gas plc has appointed Simon Brett as interim chief financial officer and company secretary, effective immediately. Mr Brett has sectoral and public market experience having worked 14 years at Barryroe Offshore Energy plc in a senior executive position and latterly ten years as CFO. He previously held senior finance positions with Coca […]
Finance News Oil & Gas

Baron raises £6m for Timor Leste-North Sea assets

Posted on Author editorial

Baron Oil plc has conditionally raised £6 million before expenses via a placing, subscription and a retail offer. DIRECTORS’ DEALINGS The placing was for a total 4,166,666,667 new ordinary shares of 0.025p each in the company at 0.12 pence per new ordinary share. Chief executive Andrew Yeo subscribed for 8m new ordinary shares, taking his holding to 193m, […]