Angus Provides Update re Saltfleetby Finance Facility

Source: www.gulfoilandgas.com 3/29/2021, Location: Europe

Angus Energy plc is pleased to announce that, further to the commitments of between £8 and £9 million communicated on 22 February 2021, it has been advised by Aleph Energy Limited that they have received additional commitments of £3 million on the same terms as those advised in that earlier RNS which would, in total, now meet the £12 million funding amount sought.

The commitments are conditional upon there being no material adverse change and the satisfactory execution of all legal and security documents, which are, for the most part, in near final form. The exception being an Intercreditor Agreement and Security Agency Agreement governing the relationship between all of the Lenders. Further soft commitments and expressions of strong interest advised mean that the Facility is oversubscribed and a short period of agreeing allocations will also be needed.

The Loan Facility terms remain substantially unchanged from those advised in our RNS of 30 November 2020. Angus is preparing charges to be registered and working to satisfy the conditions precedent set out in the Loan Facility Agreement in view of signing the Agreements and receiving the funds in the near term.

In the interim we have progressed the procurement of further elements of the gas processing package and continue our development programme in order to achieve first gas later this year.


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