4th Jun 2014 10:56
LONDON (Alliance News) - Jubilant Energy NV said it has entered into a funding arrangement with Jubilant Energy Holding BV for an unsecured loan of USD5 million.
The oil and gas exploration and development company, with operations in India and Myanmar, said the funds will be used for funding the group's operations, and said it expects the company will enter into further such loans in the near term.
Jubilant Energy Holding BV is owned and controlled by Jubilant Energy NV board members Co-Chairman and Non-Executive Director Hari Shanker Bhartia and Non-Executive Director Shyam Sunder Bhartia.
Together they hold approximately an 85% stake in Jubilant Energy NV.
Jubilant Energy shares were down 6.3% at 8.20 pence before midday Wednesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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