19 Nov 2018 07:00
19 November 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Financing Facility Drawdown
Anglo African Oil & Gas plc, an independent oil and gas developer, announces a partial drawdown of the conditional £5 million Convertible Loan Note Financing Facility with Sandabel Capital L.P. ("Sandabel") ("the Financing Facility") previously announced on 24 October 2018.
Sandabel has today agreed to subscribe for £1,000,000 of unsecured loan notes pursuant to the terms of the Subscription Agreement. AAOG has elected not to redeem these loan notes in accordance with the repayment schedule and therefore Sandabel will receive conversion rights over the loan notes. AAOG retains the right to elect to repay in cash some or all of any further subscription for loan notes should it choose to do so. The Initial Spot Price in relation to these notes is 10.3125 pence.
**ENDS**
Market Abuse Regulation (MAR)
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please visit www.aaog.com or contact:
Anglo African Oil & Gas plc | Tel: c/o St Brides Partners +44 20 7236 1177 |
David Sefton, Executive Chairman James Berwick, Chief Executive Officer |
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finnCap Ltd (Nominated Adviser and Broker) | Tel: +44 20 7220 0500 |
Christopher Raggett, Giles Rolls, Anthony Adams (Corporate Finance) |
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Camille Gochez (Corporate Broking) |
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St Brides Partners (Financial PR) | Tel: +44 20 7236 1177 |
Frank Buhagiar, Hugo de Salis, Juliet Earl |
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Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent oil and gas company that owns a 56 per cent stake in the producing Tilapia oil field in the Republic of the Congo. The Company boasts a low-cost production story in a prolific hydrocarbon region with significant exploration upside, differentiating it substantially from its E&P peers.