(Alliance News) - Independent Oil & Gas PLC said Monday it has settled its EUR100 million five-year senior secured bond, which went towards funding the development of the company's core project in the UK Southern North Sea and for general corporate purposes.
The EUR100 million bond had an interest rate, payable quarterly, of 9.5% per annum over the three month Euribor rate.
In addition, Independent Oil & Gas said the jack-up rig went off contract on Thursday last week, confirming the Harvey appraisal well was drilled completely in under two months with no lost time incidents, and confirmed a 49 feet gas column.
Data acquired from the well is now undergoing analysis, in order to generate a revised technical assessment of reservoir gas volumes and deliverability.
"We are pleased to have completed the settlement process for our EUR100 million bond raise, which with the proceeds to come from our farm-out to CalEnergy Resources will ensure we are fully funded for our Core project. We are also delighted to have completed the drilling of the Harvey appraisal well safely and without incident and look forward to sharing the results of the well analysis in due course," said Chief Executive Officer Andrew Hockey.
Shares in Independent Oil & Gas were down 2.5% at 10.50 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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