Business
Repayment of Gemini Loan
Repayment of Gemini Loan.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \n Europa Oil & Gas (Holdings) plc \n\n (`the Company' or `Europa') \n\n Repayment of Gemini Loan \n\nThe Directors of Europa Oil & Gas (Holdings) plc, the production and\nexploration company, are pleased to announce that agreement has been reached\nwith Gemini Oil & Gas Limited (`Gemini'), the providers of loan finance for the\nacquisition and development of the West Firsby Field, UK East Midlands, to\nrepay the loan early and cancel Europa's obligation to make repayments to\nGemini out of ongoing revenues from the field.\n\nThe Directors are grateful to Gemini for providing the loan in 2003 and for\ntheir subsequent agreement to vary the loan terms in line with field\nperformance. Europa will continue to regard Gemini as a potential funding\nsource for future projects.\n\nPaul Barrett, Managing Director of Europa, said \"The Gemini loan was a key\nstepping stone in the development of Europa's production asset base. We are now\nlooking forward to investing further in the field, including remedial work on\nexisting well stock as well as the potential for drilling new production\nwells.\"\n\nAlastair Woodrow, a partner in Gemini Oil & Gas Advisors LLP, the investment\nadvisor to Gemini, said \"Gemini is pleased to be able to agree the early\nrepayment of the loan. Gemini regards its role in this as being a catalyst,\nhaving provided finance at a key point in the development of Europa at a time\nwhen other sources were not available. The Gemini II fund continues to seek\nsimilar niche funding opportunities.\"\n\nAbout Europa Oil & Gas (Holdings) plc\n\nEuropa Oil & Gas focuses on the production and exploration of hydrocarbons in\nEurope and North Africa. Europa currently produces oil from three fields in the\nUK. Operating over two-thirds of its portfolio with an average working interest\nof 60%, Europa also has field appraisal and exploration activity on a number of\nprojects in the UK and Romania and a strong new ventures programme across\nEurope and the North African region.\n\nFor more information please visit www.europaoil.com\n\nFor further information, contact:\n\nPaul Barrett, Managing Director, Europa Oil & Gas +33 5 63 33 18 97\n\nJonathan Wright or Parimal Kumar, Seymour Pierce +44 20 7107 8000\n ","length":2386,"tagName":"div"}]