Europa said that its directors are grateful to Gemini for providing the loan in 2003 and for their subsequent agreement to vary the loan terms in line with field performance. Europa will continue to regard Gemini as a potential funding source for future projects.
Paul Barrett, Managing Director of Europa, said: "The Gemini loan was a key stepping stone in the development of Europa's production asset base. We are now looking forward to investing further in the field, including remedial work on existing well stock as well as the potential for drilling new production wells."
Alastair Woodrow, a partner in Gemini Oil & Gas Advisors LLP, the investment advisor to Gemini, said: "Gemini is pleased to be able to agree the early repayment of the loan. Gemini regards its role in this as being a catalyst, having provided finance at a key point in the development of Europa at a time when other sources were not available. The Gemini II fund continues to seek similar niche funding opportunities."
Europa Oil & Gas focuses on the production and exploration of hydrocarbons in Europe and North Africa. Europa currently produces oil from three fields in the UK. Operating over two-thirds of its portfolio with an average working interest of 60%, Europa also has field appraisal and exploration activity on a number of projects in the UK and Romania and a strong new ventures program across Europe and the North African region.
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