LONDON (Alliance News) - Jupiter Energy Ltd Thursday said it has received a further USD1 million under a deal signed at the end of April with Waterford Petroleum Ltd.
Under that deal, Waterford can provide Jupiter Energy with up to USD10 million in working capital through the issuance of promissory notes.
The April 30 deal meant that USD5.3 million in debt, including interest, on an October 2014 promissory note was rolled over into the new promissory notes.
Jupiter Energy has now drawn down USD7.3 million of the USD10 million available.
Based on its current forecasts, Jupiter Energy said it has enough working capital for the remainder of 2014, though it is still looking for a longer-term funding package to enable an upcoming drilling programme to begin.
Jupiter Energy shares were untraded on Thursday morning. The stock last traded at 13.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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