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(Alliance News) - Serinus Energy PLC on Friday said it has made the last payment on its senior loan with the European Bank of Reconstruction & Development.
Shares in Serinus were down 14% at 7.56 pence in London in late morning trade.
The firm also announced it will not renew the contract with recently appointed chief operating officer Judiceal Tinss following probation. Tinss' most recent role before joining Serinus was as senior project advisor at Neptune Energy Group.
"The company announces that the probation period of its chief operating officer has ended, and the contract will not be renewed," said Serinus. No successor was announced.
In terms of the loan, the final amount - totalling USD2.7 million - was repaid by the oil and gas exploration and production company with interest.
Chief Executive Jeffrey Auld said: "I am delighted we have made this payment, which puts us on a firmer financial footing as we continue to progress production at our key projects in Romania and Tunisia. We look forward to providing further updates to shareholders over the coming months."
In its half-year accounts released in August Serinus said "once the senior debt is repaid in September 2019, the group will have only the convertible debt outstanding with the EBRD. The convertible debt is due to be repaid in four instalments commencing 30 June 2020, when 25% of the principal and accrued interest at that date will be repayable. The three remaining repayments will be made annually on 30 June for the following three years."