Proactive investorsLogo Proactive Investors UK Website

Search field
Get Adobe Flash Player Download
Flash
Player ►

And
Enable
Javascript

Additional information
Additional Information
Market: ASX
Sector: Oil and Gas Exploration and Production
Epic: ERH
News: Latest news
Web Site: Eromanga Hydrocarbons
Other Articles: 02-07-200903-04-200923-03-2009

RSS - Subscribe to the News Today on Proactive UK ▼

Wednesday March 10, 08:50StatPro FY pretax up 48% in 2009, confident of good growth ahead

All performance indicators showed a marked improvement during 2009, and the financial software provider looks set to continue its good run in the current year.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Tuesday March 09, 09:41Kent Exploration: building a diversified exploration junior

Kent is building a portfolio of properties highly prospective for gold and silver, base metals and coal mineralization in the western United States, western Canada, New Zealand and Australia.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Tuesday March 09, 09:55Nidec Corporation adds third factory and laboratory in Dalian City, China

Nidec Corporation (NYSE:NJ), the Japan headquartered manufacturer of small-to-mid-size motors, fan motors, and pivot assemblies, is to expand its presence in China through the construction [...]

FULL ARTICLE ►
Eromanga Hydrocarbons

Eromanga Hydrocarbons

Eromanga Hydrocarbons is an Australian oil and gas exploration and production company with its main operations in Brazil.

Friday, April 03, 2009

Eromanga Hydrocarbons inks $10m funding deal to develop oil production projects

Eromanga Hydrocarbons (ASX:ERH) has signed a $10 million funding facility. The facility will provide funds over the next three years, to further develop oil production at Blocks 330 and 430 in Brazil, and for other corporate opportunities.

Fortrend has agreed to provide up to $10 million to Eromanga to be drawn down at Eromanga’s discretion by the issue of shares to Fortrend. Eromanga has the right but not the obligation to use the facility at any time over the facility’s 3 year term. Eromanga can determine the timing and amount of any drawdown within the provisions of the facility agreement.

The facility does not preclude any other equity or debt arrangements that Eromanga and its joint venture partners may decide to use to fund their projects.

In the event of a drawdown, shares will be issued at a 10% discount to the average closing price calculated over the 5 trading day period following a drawdown notice. In addition Fortrend will receive 1 option for every 5 shares issued. The strike price of the option will be the issue price of the shares to Fortrend.

Company CEO Phil Galloway said that “Eromanga is delighted that after detailed review of the company and its prospects, Fortrend has agreed to make available the $10m facility.”

Fortrend CEO Joe Forster said that “we are very pleased to be able to help fund Eromanga to achieve its corporate objectives of becoming a significant oil producer from its development projects in Brazil”.

AddThis Feed Button
Register here to be notified of Proactiveinvestors One2One Forums.

Other Eromanga Hydrocarbons news

More news ►

Investors interested in Eromanga Hydrocarbons recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.