Sunda Energy PLC (AIM:SNDA) has drawn a further £750,000 from its unsecured loan facility, lifting total borrowings under the arrangement to £1.15 million as it works to advance a proposed acquisition of oil and gas assets.
The AIM-listed group said the facility, announced on 10 February and provided by chief executive and director Dr Andy Butler, totals up to £1.5 million.
The latest funds will be used to meet additional capital requirements linked to the proposed acquisition and to provide extra working capital, it added.
Sunda said the target portfolio includes oil and gas production, development and exploration assets. Discussions remain at an advanced stage, according to the company, although it cautioned there is no certainty a binding sale and purchase agreement will be signed or that the transaction will complete.