Angus Energy reaches funding commitment for Saltfleetby

The AIM-traded firm said that, alongside the commitments of between £8m and £9m announced on 22 February, and on the same terms, the facility would now meet the £12m funding amount being sought.

It said the commitments were conditional on there being no material adverse change, and the satisfactory execution of all legal and security documents, which were mostly in “near final” form.

The exception, the board said, was an intercreditor agreement and a security agency agreement governing the relationship between all of the lenders.

Further soft commitments and expressions of strong interest advised meant the facility was oversubscribed, and a short period of agreeing allocations would also be needed.

“The loan facility terms remain substantially unchanged from those advised on 30 November,” the board said in its statement.

“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.”

At 0900 GMT, shares in Angus Energy were up 3.12% at 0.83p.