Europa Oil & Gas (Holdings) PLC Loan Facility Secured (8549Y)
September 09 2022 - 2:01AM
UK Regulatory
TIDMEOG
RNS Number : 8549Y
Europa Oil & Gas (Holdings) PLC
09 September 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
9 September 2022
Europa Oil & Gas (Holdings) plc
("Europa" or the "Company")
Loan Facility Secured
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland
and Morocco focused oil and gas exploration, development, and
production company, is pleased to announce that it has secured a
GBP1,000,000 loan facility (the "Loan") with Union Jack Oil plc
("UJO"). The key terms of the Loan are:
-- 18 month term;
-- Principal sum payable at end of the term or in part or in
full at any earlier time at Europa's discretion;
-- Interest accrues on a daily basis on the outstanding loan
amount at an interest rate of 11% per annum and is payable
quarterly in cash;
-- The loan is secured against an unencumbered 10% interest in
the Wressle field (PEDL180, and PEDL182), including the associated
infrastructure; and
-- The loan includes restrictions on further borrowings and
security over the secured assets and other customary security
arrangements.
Simon Oddie, CEO of Europa, said :
"We are pleased to have secured this source of debt financing
from UJO, which is one of our joint venture partners at Wressle.
The loan will provide us with additional liquidity and reflects the
prudent cash management philosophy that we adopt at Europa when
looking at the various development settings that we could face in
the near term. One of these scenarios includes a success case
side-track that may be drilled in the upcoming Serenity appraisal
well. The side-track could prove up further volumes in addition to
those proven by the main wellbore and these additional funds will
ensure that we have sufficient working capital to progress all of
our assets under the potential growth scenarios that we are
modelling."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
* * ENDS * *
For further information, please visit www.europaoil.com or
contact:
Simon Oddie Europa Oil & Gas (Holdings) mail@europaoil.com
plc
William Holland Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Murray Johnson Europa Oil & Gas (Holdings) mail@europaoil.com
plc
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Dance & Financial Adviser 3494
Strand Hanson Limited - Nominated +44 (0) 20 7409
James Spinney & Financial Adviser 3494
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
+ 44 (0) 20 7390
Patrick d'Ancona Vigo Consulting 0230
+ 44 (0) 20 7390
Finlay Thomson Vigo Consulting 0230
+ 44 (0) 20 7390
Kendall Hill Vigo Consulting 0230
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. Production in the half-year to 31 January 2022
was 208 boepd. In April 2022, Europa farmed into P.2358, Block
13/23c ("Serenity") in the Outer Moray Firth area of the North Sea.
The licence contains the 2019 Serenity oil discovery, in which
Europa now has a 25% interest. The Company holds one exploration
licence offshore Ireland, which has the potential to host gross
mean un-risked prospective resources of 1.5 trillion cubic feet
("tcf") gas. Inishkea is a near field gas prospect in the Slyne
Basin which the Company classifies as lower risk due to its close
proximity to the producing Corrib gas field and associated gas
processing infrastructure. In September 2019, Europa was awarded a
75% interest in the Inezgane permit offshore Morocco. Initial
results of technical work have identified 30 prospects and leads
that have the potential to hold in excess of one billion barrels of
unrisked oil resources. In December 2021, Europa announced a
collaboration between Baker Hughes and CausewayGT to conduct a
geothermal clean heat project at the Company's West Firsby field.
If this project is successful, it will prove the operational
ability to extract and use geothermal heat from the site.
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