Victoria Oil and Gas rose after it secured both more gas customers and a new lending facility.
The company, which has assets in Cameroon and Russia, said a further four customers had been commissioned and have begun taking its gas.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
This marked an increase from six customers taking gas in November 2012, the firm said.
All 25 contracts have been executed at an energy price of $16 per million British thermal units fixed for five years for thermal use.
Victoria also announced that Societe Generale had offered it an initial $15m under a reserve based lending facility for a term of three years.
Kevin Foo, Chairman of VOG commented, "The commitment by Societe Generale is a very important endorsement of our company and the initial funding will help considerably in meeting our future capital needs"
The company said the facility would become effective upon finalisation of legal documentation and further details would be announced following the completion of the documentation.
Victoria's shares were up 2.9% at 14:15.
MM
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feelTravel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there
-
What is the 7 year inheritance tax rule and how does it help cut your bill?Speculation is rife chancellor Rachel Reeves has plans to target inheritance tax once again in her upcoming Budget. But the 7 year inheritance tax rule can save you thousands - here’s how it works.
