17th Mar 2015 10:22
LONDON (Alliance News) - LGO Energy PLC on Tuesday said its Goudron E&P Ltd subsidiary has now drawn down USD11.78 million of its USD25 million pre-paid swap facility with BNP Paribas.
The financing facility has been put in place to fund the 2015 development drilling programme for the Goudron field in Trinidad. LGO intends to drill at least seven developments wells at Goudron this year and will upgrade the oil handing infrastructure at the site in order to meet anticipated sales capacity for the second half of 2015.
"We are now entering one of the most exciting growth phases of the company and are delighted that this finance facility is now in place and that our development program at Goudron will be carried out through a long-term funding arrangement with a first class lending institution," said LGO Chief Executive Neil Ritson.
LGO shares were down 1.0% to 2.40 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
LGO.L