VOG, Bramlin Enter Agreement for $5MM Loan Facility
The Board of Victoria Oil & Gas Plc has entered into an agreement to provide a US $5 million loan facility to Bramlin Limited.
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 June 30, 2009, is secured by a fixed and floating charge over the assets of Bramlin and bears interest at 1.5% per month.
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