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28 Jan 2020 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").
Anglo African Oil & Gas plc ("AAOG" or "the Company")
Zenith Loan Agreement
Further to the announcement of 6 January 2020, the Company confirms that it is currently perfecting the security to be granted to Zenith Energy Ltd ("Zenith") pursuant to the loan agreement between the Company and Zenith. This requires the re-registration of Anglo African Oil & Gas Congo S.A.U as a "multi shareholder" company in the Republic of the Congo, which is an administrative legal process. Accordingly, the Company has not yet drawn the £250,000 available to it pursuant to that agreement but is confident of being able to do so in due course. A further announcement will be made once the security has been perfected and the loan has been drawn.
In the meantime, and following receipt of monies from Forum Energy Services Limited as announced on 20 January 2020, the Company has sufficient cash to continue trading until the end of March absent the loan from Zenith and any unforeseen valid claims.
Enquiries:
Anglo African Oil & Gas plc | info@aaog.com |
James Cane, Interim Chief Executive and Finance Director |
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finnCap Ltd (Nominated Adviser) | Tel: +44 20 7220 0500 |
Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance) |
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Camille Gochez (ECM) |
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