Angus Energy PLC Saltfleetby Loan Facility Update (8723P)
February 22 2021 - 2:30AM
UK Regulatory
TIDMANGS
RNS Number : 8723P
Angus Energy PLC
22 February 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU No. 596/2014) ("MAR"). THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
22 February 2021
Angus Energy Plc
("Angus Energy", "Angus" or the "Company")
Saltfleetby Loan Facility Update
Angus Energy plc (AIM: ANGS) is pleased to announce, further to
the RNS of 19 January 2021 that the Company has received a "best
efforts" expression of commitment in the form of a conditional
Mandate Letter, for between GBP8 and GBP9 million toward the
proposed GBP12 million Saltfleetby Equipment Finance and Field
Development Loan Facility from a major multi-national institution
(the "Mandate Letter"). The Mandate commitment is conditional also
on the participation of other institutions and investors for the
balance of GBP3 to GBP4 million.
The Company has also been informed of indications and soft
commitments for the same Loan Facility of approximately GBP11
million from an identified group of investors led by Aleph Energy
("Aleph"). In each instance the terms of the Loan Facility are
substantially unchanged from those disclosed in the RNS of 19
January 2021.
Additionally, the group of investors has expressed a strong
interest in funding Angus's planned geothermal and solar projects,
in continued support of the Company's Energy Transition plans and
revenue diversification.
The Mandate includes a 45-day exclusivity period for this joint
financing effort until 5 April although it is the stated intent of
all parties to conclude legal documentation, perfect security and
satisfy conditions precedent, including, inter alia, regulatory
approval of the Field Development Plan by the OGA, consequential
amendments to the Farmout Agreement, the Joint Operating Agreement
and the existing Knowe Properties Loan Note, with a view to making
disbursements during the month of March.
A further condition of the Mandate is that the debt provider
will also provide hedging services on market terms for a proportion
(no greater than 70%) of a low case production estimate during the
four year life of the Loan Facility.
It should be emphasised that the Mandate Letter is not a firm
offer of funding and completion of the Loan funding remains subject
to the satisfaction of those various conditions that currently
remain outstanding.
George Lucan, Angus CEO, comments: "We are very pleased to have
attracted the support of a group of institutional investors and
family offices some of whom have also expressed genuine interest in
funding Angus's pipeline of Energy Transition projects. We look
forward to closing this Loan Facility within a realistic timeframe
and thank shareholders for their continued support in developing
our portfolio of assets in line with the highest ESG standards. We
will be following this announcement with updates on our other
assets over the coming days."
Enquiries:
Angus Energy Plc www.angusenergy.co.uk
George Lucan Tel: +44 (0) 208
899 6380
Beaumont Cornish www.beaumontcornish.com
(Nomad)
James Biddle/ Roland Tel: +44 (0) 207
Cornish 628 3396
WH Ireland Limited
(Broker)
Katy Mitchell/ Harry Tel: +44 (0) 113
Ansell 394 6600
Flagstaff PR/IR angus@flagstaffcomms.com
Tim Thompson Tel: +44 (0) 207
129 1474
Fergus Mellon
Aleph Commodities info@alephcommodities.com
Notes
About Angus Energy plc
Angus Energy plc is a UK AIM quoted independent onshore energy
transition oil and gas production and development company focused
on leveraging its expertise to advance its portfolio of UK assets
as well as acquire, manage and monetise select projects in
upstream, geothermal and renewable energy. Angus Energy has a 51%
interest in the Saltfleetby Gas Field (PEDL005), majority owns and
operates conventional oil production fields at Brockham (PL 235)
and Lidsey (PL 241) and has a 25% interest in the Balcombe Licence
(PEDL244).
About Aleph Commodities Limited
Aleph Commodities is an investment company, with an ESG focus at
its core, actively engaged in the Energy Transition. Aleph is a
partner to producers, consumers and storage companies seeking to
actively develop energy solutions that reduce carbon emissions and
positively impact the local communities where the company is
active.
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