Angus Energy experienced a surge in shares on Friday following the announcement that it has successfully secured a debt facility worth £6 million ($7.9 million). Additionally, the company is currently in discussions regarding the future refinancing of its debts.
At 1504 GMT, shares showed a promising increase of 0.2 pence, equivalent to a remarkable 24% rise, reaching a total of 1.02 pence.
This oil and gas company, listed on AIM, highlights that the approved junior debt facility of £6 million will be utilized once the final documentation is delivered.
Furthermore, efforts to negotiate with Aleph Commodities Ltd. are underway to secure a loan facility of up to $25 million, which would stretch over an 18-month term. The intention behind this loan is to refinance Angus Energy’s senior facility amounting to £7.35 million, in addition to the bridge facilities valued at £3 million and £6 million.
An exciting prospect for Angus Energy is the anticipated selection of a strategic partner by the end of the year for the Saltfleetby project’s gas storage. This partnership would introduce an additional revenue stream for the company.
Lastly, as part of the recent developments, George Lucan, Chair of Angus Energy, has made the decision to step down, effective from August 14th. Consequently, the search for a non-executive chair has already commenced.
