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Fox-Davies Capital Tuesday Energy and Mining News Wrap

12th May 2009, 9:24 am Fox-Davies Capital Tuesday Energy and Mining News Wrap
Bankers Petroleum  (BNK)  finalized US$110m of debt financing with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). This reserve-based loan is made of two six-year revolving facilities; it will be used for capital requirements and working capital needs for the company’s projects in Albania.
 
Northern Petroleum  (NOP)  was awarded two Italian permits, offshore Calabria in the Ionian Sea. They cover a total area of 1,470 km2 and are close to existing gas fields. Northern has a 100% working interest but a net beneficial interest of 68.52%, although a successful outcome from their current offer on their ATI Oil Plc would increase their net beneficial interest to 100%.
 
Leed Petroleum (LDP)  was awarded two additional leases in the Gulf of Mexico, blocks Eugene Island 133 and Ship Shoal 197, some 120 miles SW of New Orleans in 60-100 feet of water. Byron Energy has elected to acquire 25% interests under a pre-existing agreement between the two companies and will pay their pro-rate share of the acquisition costs shortly.
 
Victoria Oil & Gas  (VOG)  has drawn down £200k under its Standby Equity Distribution Agreement (SEDA) with Ya Global Master SPV Ltd. The funds will be used for the development of their Logbaba project in Cameroon.
 
African Copper  (ACU) announced that, on 11 May 2009 they jointly entered into a binding debt assignment agreement with ACU's mining contractor Moolman Mining Botswana (Pty) Limited pursuant to which Moolman assigned its 60m Pula plus VAT (approximately US$8 million at an exchange rate of US$1/7.5 Pula) outstanding debt to ZCI at a price equal to 50 per cent. of the face value of the Debt. In order to help secure ACU's future and accelerate bringing an important mine in the Botswanan community back into production, ZCI has agreed with ACU that it will not seek repayment of the Debt until at least the completion of the financing package announced yesterday. As a result of the Agreement, Moolman will not be taking up its portion of the offer to large trade creditors outlined in the announcement of the Financing Package.

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