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Union Jack Oil PLC - Bath-based UK-focused oil and gas company - Signs a loan facility with Europa Oil & Gas PLC for GBP1.0 million. Says the loan facility offers an "attractive commercial return to Union Jack on cash funds". Under the pact, the loan has an 18-month term, secured against an unencumbered 10% interest in the Wressle field, located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin. Union Jack holds a 40% interest in the development, whilst joint venture partner Europa holds a 30% stake.
Europa Chief Executive Officer Simon Oddie says: "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."
Europa Oil & Gas is an exploration and production company focussed on Morocco and Ireland.
Union Jack Oil current stock price: 50.65 pence, up 5.5%
12-month change: up 99%
By Xindi Wei; xindiwei@alliancenews.com
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