LONDON (Alliance News) - PetroNeft Resources PLC on Thursday said it agreed an increased to a loan facility with Swedish company Petrogrand AB, upping it to USD2.5 million.
The facility, secured against PetroNeft assets, was originally agreed in January and amounted to up to USD2.0 million.
PetroNeft fully drew down the original loan to finance well drilling and for general corporate purposes.
Furthermore, the maturity date of the loan has been extended to December 15.
The revised terms include the potential entitlement to bonus payments of USD2.5 million per licence if either or both Licence 61 or Licence 67, 50%-owned by PetroNeft, are sold before the end of December 2020, the oil & gas exploration company explained.
PetroNeft shares were trading up 4.6% at 1.15 pence each.