Petroleum Africa
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Monday, March 3, 2014
Eland Oil & Gas saw its loan arrangements extended with Standard Charter Bank for a further 12 months, now expiring on February 24, 2015. The loan facility totaled $22 million loan. The loan facility allows the company to meet its working capital requirements for Nigeria’s OML 40.
Eland will also receive £6 million following the exercise of share options. The £6 million cash injection comes from the exercise of options under the group’s Solstice and Helios agreements. Solstice International Investments and Helios Resources will each subscribe for 3 million new Eland shares priced at 100p.
“We are very pleased to secure both an extension to our existing loan facility and receive the further funding from two of our major shareholders,” said chief executive Les Blair. “The combination of the option proceeds and the ongoing availability of the debt facility ensure that the company is well positioned to build on its recent successful restart of production on OML 40 and to develop the enormous potential of the license.”
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