Business
Partial loan repayment and Horse Hill Licence
Partial loan repayment and Horse Hill Licence.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 1699Q Regency Mines PLC 08 September 2017 \n\nREGENCY MINES PLC\n(\"Regency\" or the \"Company\")\n \nPartial repayment of Convertible Loan\n \nEnvironment Agency Approval and Council Planning Application at Horse Hill Licences, Weald Basin, SE UK\n \n8 September 2017 \n \nThe Company is pleased to report that it has today prepaid in cash US$350,000 of the one year convertible loan for $1,000,000 ($900,000 net of fees) from a consortium led by YA II PN, Ltd announced on 5 April 2017.\nThe Company also announces that the Environment Agency has granted the necessary permits to Horse Hill Developments Limited (\"HHDL\"), the operator of Horse Hill licences PEDL 137 and PEDL 246, to enable HHDL to carry out extended well tests, drill a side-track from the existing HH-1 well and drill and test a new borehole HH-2. As previously advised, a planning application in relation to these proposed activities has also been submitted to Surrey County Council (the \"Council\"). We have been informed by HHDL that the Council has confirmed that the planning application is now scheduled to be determined at October's meeting of its planning committee. Members of the planning committee completed a scheduled visit to the Horse Hill site yesterday, 7 September, in preparation for the October meeting\nRegency Chairman Andrew Bell commented: \"We are pleased to have prepaid a substantial part of the convertible loan taken out in April this year. We recognised the fears of some investors that this loan might lead to share issues to the lender that might negatively affect our share price, and hope that this repayment demonstrates the firm intention of the Company that this should not occur. \n \n2017 is the year that oil exploration in the Weald Basin is coming of age: besides the planned extended well test work at Horse Hill, flow test work is already under way at Broadford Bridge, and the operator has applied to carry out further work leading to production from the nearby Brockham field. This further progress in the permitting at Horse Hill is a positive development and we look forward to seeing work under way later this year.\" \n \nHH-1 Oil Discovery and Regency Interest\n \nThe HH-1 Kimmeridge Limestone and Portland oil discovery well is located within onshore exploration Lic...