22nd Sep 2008 07:00
Victoria Oil & Gas Plc
("VOG" or the "Company")
Loan Facility to Bramlin Ltd
The Board of Victoria Oil & Gas Plc (AIM: VOG), the AIM-quoted oil and gas exploration company, announces that it has entered into an agreement to provide a US$5 million loan facility ("Facility") to Bramlin Limited ("Bramlin")(AIM: BML).
In an effort to gain exposure to a broader spectrum of value-enhancing opportunities, the Board of VOG has been reviewing several new projects outside of the Company's core region of the Former Soviet Union. The Board considers that the provision of this loan to an established operator in Africa will provide the Company with access to further potential opportunities within this region.
The funds provided under the Facility will be used by Bramlin for part payment of sums due on financing of the Logbaba Natural Gas and Condensate Project in Cameroon, West Africa, with the balance for general working capital purposes.
The Facility, which is repayable by 30 June 2009, is secured by a fixed and floating charge over the assets of Bramlin and bears interest at 1.5 per cent. per month.
Enquiries:
Victoria Oil & Gas Plc Strand Partners Limited
George Donne / Robert Palmer Simon Raggett /Angela Peace
+44 (0)20 7921 8820 Tel: +44 (0) 20 7409 3494
Conduit PR
Jonathan Charles/Ed Portman
Tel: +44 (0) 20 7429 6607
M: +44 (0)77333 63501
Related Shares:
VOG.L