WTI $53.93 +57c, Brent $59.91 +49c, Diff -$5.98 -8c

Savannah Petroleum

Savannah has announced the signature of a loan facility with an initial tranche of $5m expected to be drawn immediately. The terms  are a fixed interest premium of 7% payable on the principal amount (and a potential future draw if another $5m) to be paid at maturity, 17th January 2020. The principal amount plus interest can be repaid at any point up to maturity and in the event of not paying or the Seven Energy Transaction not proceeding can be converted at the facility providers discretion at a range of prices.

The loan provides liquidity to fund working capital and general corporate purposes ahead of the planned completion of the Seven Energy Transaction which is expected to occur ‘significantly in advance of the maturity date’ when the company expects a cash inflow of $74m.

And finally…

Despite a short blog I cannot fail to mention the RWC where this weekend England play the Wallabies, Ireland take on the All Blacks and Wales play France.

In the footy it also might be a rugby score as Liverpool go to the Theatre of Nightmares…..

And of course it’s the last proper day of flat racing with Champions Day at Ascot.