AAOG has made a first, £1m drawdown on the £5m unsecured convertible loan note facility recently put in place with Sandabel. AAOG has elected not to redeem the loan notes, which implies conversion into 12.3m shares, representing 7.6% of the existing share count. We expect drilling at TLP-103C to resume this week, and despite the delays, its potential remains undiminished. We have trimmed our risked-NAV based price objective from 40p/sh to 38p/sh to take into account the new shares
19 Nov 2018
Anglo African Oil & Gas - Drilling expected to resume this week
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Anglo African Oil & Gas - Drilling expected to resume this week
- Published:
19 Nov 2018 -
Author:
Jonathan Wright -
Pages:
4
AAOG has made a first, £1m drawdown on the £5m unsecured convertible loan note facility recently put in place with Sandabel. AAOG has elected not to redeem the loan notes, which implies conversion into 12.3m shares, representing 7.6% of the existing share count. We expect drilling at TLP-103C to resume this week, and despite the delays, its potential remains undiminished. We have trimmed our risked-NAV based price objective from 40p/sh to 38p/sh to take into account the new shares