13th Apr 2016 07:25
LONDON (Alliance News) - Victoria Oil & Gas PLC on Wednesday said it has agreed a USD26.0 million debt facility to back the expansion of work at the Logbaba gas field in Cameroon in 2016 and 2017.
The loan has been secured with BGFI Bank Cameroon SA and extends an existing USD4.4 million loan already in place. The five-year loan carries an interest rate of 7.15% per year.
Victoria said it will use the funds to increase gas production from Logbaba by 30% over the course of 2016, including drilling one twin well and one step-out well at the Logbaba plant site in order to boost production reserves.
Shares in Victoria Oil & Gas were up 3.2% to 40.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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