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Canadian Overseas Petroleum Ltd - oil and gas company focused on Sub-Saharan Africa - Signs term sheet for a USD65 million senior credit facility with an unnamed US-based global investment firm to finance the closing of its Atomic Oil & Gas acquisition. Says the credit facility is for four years and has a base size of USD45 million, with an additional USD20 million for future development funding. Notes closing of the credit facility, which is not yet legally binding, is expected on or around February 15.
"We look forward to the completion of the Atomic acquisition which will be materially value enhancing to Canadian Overseas Petroleum, providing an immediate and growing revenue stream from day one. Working with our new colleagues we plan to accelerate the production profile from the Atomic assets. This represents a step change in the strategic growth opportunities open to Canadian Overseas Petroleum and we look to the future with renewed confidence," says Chief Executive Arthur Millholland.
Current stock price: 0.27 pence, up 5.5% on Thursday
Year-to-date change: up 14%
By Zoe Wickens; zoewickens@alliancenews.com
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