From rns16 Apr 2019 11:24
As previously disclosed, the Company is planning to use a combination of bank financing and own or partner equity to fund the first phase of development at Njonji, including the proposed NJOM3 well. The Company has for several months been discussing a loan facility with a prominent African bank, for the Njonji development of US$15 million which could be extended to US$50 million, and the Company is still hopeful that such a facility may be in place by mid-May. With or without such a facility, the Company has also been holding discussions with several possible partners for the Thali license, which the Company also hopes may be concluded in that time frame. Any one of these options, or a combination of them, could provide the additional funds required to complete the current well.