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SacOil transfers loan agreement

Dec 31 2012 11:20
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Last Updated: 07-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - SacOil Holdings [JSE:SCL]‚ the African independent upstream oil & gas company‚ has entered into a series of agreements that will enable the transfer of its existing loan agreement with RenCap Securities to Gairloch Limited - a private investment holding company registered in the British Virgin Islands.

The loan is for the amount of $11.25m and was provided to SacOil to fund the $10.0m cash collateral required to enable the posting of the $25.0m performance bond for Block OPL 233 in Nigeria (OPL233)‚ the company said on Monday.

SacOil has also successfully put in place some amendments to the loan it provided EER‚ its partner in Block OPL 233 in Nigeria as part of the farm-in to that block. The changes will ensure repayment of part of the loan by May 31 2013.

The mutually agreed total outstanding amount owed to SacOil by EER was $26.4m as at November 30 2012‚ it said.

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