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(Alliance News) - RiverFort Global Opportunities PLC on Monday said it will participate in the GBP5.5 million loan agreement announced by UK Oil & Gas PLC.
On Wednesday last week, UK Oil & Gas acquired a further 35% stake in its flagship Horse Hill oil discovery in the Weald Basin for GBP12 million, taking its interest to 86%.
UKOG agreed to buy Magellan Petroleum UK Investment Holdings Ltd from Tellurian Investments LLC for GBP12 million in a cash-and-shares deal.
Magellan holds a 35% stake in the Horse Hill discovery - including the PEDL137 and PEDL246 licences - which takes the UKOG interest to 86% in total. Most of the remainder is held by Alba Mineral Resources PLC, with a 12% stake.
On Monday, RiverFort said its participation in the loan is expected to be GBP700,000 and will be via a participation certificate issued by RiverFort Global Opportunities PCC Ltd.
Looking ahead, RiverFort said it continues to actively deploy its investment capital and has, in recent weeks, made additional investments totalling over GBP150,000.
Phillip Haydn-Slater, Non-Executive Chair said: "We are experiencing a continued strong demand for our investment funds and are confident that attractive investment opportunities will continue to present themselves to us."
RiverFort shares were untraded on Monday in London, last closing at 0.073 pence each.
