Repayment of Infrastrata Loan

RNS Number : 7893A

Baron Oil PLC

29 March 2017

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY BARON OIL PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Baron Oil PLC

Repayment of Infrastrata Loan

Baron Oil PLC (AIM:BOIL) ("Baron" or "Company") announces that Infrastrata plc ("Infrastrata") has repaid the £200,000 drawn down on the secured loan facility provided by Baron.

Baron remains entitled to receive an additional £200,000 (the "Additional Payment") in the event of a sale or disposal by InfraStrata or its subsidiaries, IMSL and InfraStrata UK, of substantially all of their assets, which comprise interests in the Islandmagee gas storage project, and/or a change in control of InfraStrata, IMSL or InfraStrata UK, within two years from the date of the loan agreement. In the event of a partial disposal of InfraStrata, IMSL or InfraStrata UK's interests in the Islandmagee gas storage project (whereby InfraStrata and InfraStrata UK retain control of IMSL), the Additional Payment will be reduced to £100,000, with the remaining £100,000 payable in the event of a subsequent disposal or change in control of IMSL or the Islandmagee gas storage project during the two year period.

For further information on the Company, visit www.baronoilplc.com or contact:

Baron Oil plc: Malcom Butler (CEO)	Tel:  [phone]
Cantor Fitzgerald (Nominated Advisor and Joint Broker) Sarah Wharry (Corporate Finance)                                     Alex Pollen (Corporate Broking)	Tel: [phone]
SP Angel (Joint Broker)  Richard Hail / Richard Redmayne	Tel: [phone]

The person making this notification on behalf of Baron Oil plc is Geoff Barnes, the Chief Financial Officer and Director of the Company.

 

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