Angus Energy PLC (AIM:ANGS) shares moved upwards by over 21% on Wednesday after the oil and gas firm announced a deal to refinance its £20 million worth of debt.
Interest will be paid at 8% under the new five-year agreement with Trafigura PTE Ltd, compared to 12% and 15% on existing facilities, Angus said in a statement.
Existing senior and bridge debt of £5 million and £6.7 million respectively will be repaid following the refinance facility, alongside reducing other due funds.
Work on gas storage feasibility will also be accelerated using funds from the new facility, Angus added.
Shares climbed 21.8% to 0.58p.