Angus Energy PLC - UK-focused onshore oil and gas developer - Agrees a GBP20 million debt facility with Trafigura PTE Ltd to refinance all its existing debt, as well as to fund additional capital expenditure projects to raise production at Saltfleetby field. The debt facility has a five-year amortising term with a one-year repayment grace period. It has an interest margin over sterling overnight index average of 8%, compared to 12% on existing senior debt and 15% on bridge facility. Trafigura expects a closing date in January. Angus adds that its existing hedge contract will be replaced with a fixed price offtake, with Trafigura acting as offtaker. Says the new funds will accelerate work on gas storage feasibility.
Current stock price: 0.60 pence, up 25% on Wednesday afternoon in London
12-month change: down 60%
By Tom Budszus, Alliance News slot editor
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Angus Energy (ANGS)