Petroleum Africa
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Thursday, May 29, 2014
WHL Energy Ltd. completed a financing agreement to raise $2.9 million. The financing will be used to fund ongoing activities. The competitive short-term financing solution has been arranged by Argonaut Equity Partners.
The company expects to repay the facility from proceeds to be received from Tap Oil under the firm Seismic Option and Farmout Agreement due March 31, 2015. WHL Energy also has the option to repay the facility prior to that date if it elects.
Commenting on the completion of the funding agreement, WHL Energy MD, David Rowbottam, said: “This agreement provides WHL Energy with additional financial flexibility and allows us to investigate potential corporate and asset growth opportunities following the successful farmout of our Seychelles and La Bella projects.
“This is very exciting time for WHL Energy and our shareholders with final analysis of the VIC/P67 seismic underway and planning for the Seychelles 3D seismic acquisition program well advanced and we appreciate the support of quality investment houses like Argonaut.”
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