Extension to Term of Senior Secured Loan Note

RNS Number : 6054R

Lansdowne Oil & Gas plc

10 March 2016

 

Lansdowne Oil & Gas plc

Extension to term of senior secured loan note

10 March 2016

Lansdowne Oil & Gas ("Lansdowne" or "the Company"), the independent oil and gas company focussed on offshore Ireland, is pleased to advise that it has extended the term of its senior secured Loan Note by 6 months. The Loan Note, issued on 10th March 2015 to the value of £1,862,318 to LC Capital Master Fund Ltd., is now repayable on 9th September 2016 and continues to carry a coupon of 10% per annum. The terms of the Loan Note also contain a redemption premium, which is calculated as 20% of the principal amount outstanding as at the 8th March 2016. The redemption premium replaces the early repayment fee of 10%. The Loan Note carries no conversion rights.

The extension to and change of terms of the loan are related party transactions under the Aim Rules.  The Independent Directors, having consulted with the Company's nominated adviser, consider that the extension and change of terms of the Loan note are fair and reasonable insofar as the Company's shareholders are concerned.

For further information please contact:

Lansdowne Oil & Gas plc Steve Boldy Richard Slape	[phone]
Cantor Fitzgerald Europe Sarah Wharry David Porter	[phone]

Notes to editors:

About Lansdowne

Lansdowne Oil & Gas (LOGP.LN) is a North Celtic Sea focussed, oil and gas exploration and appraisal company quoted on the AIM market and head quartered in Dublin.

Lansdowne holds extensive acreage in the North Celtic Sea Basin, including a 20% stake in Exploration Licence SEL1/11  which contains the Barryroe oil field.

For more information on Lansdowne, please refer to www.lansdowneoilandgas.com

 

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