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Anglo African Oil & Gas says working on legal admin in Congo to enable Zenith loan

AAOG is set to become a cash shell via a series of transactions and new agreements

Anglo African Oil & Gas PLC - Anglo African Oil & Gas says its working on legal admin in Congo to enable Zenith loan

Anglo African Oil & Gas PLC (LON:AAOG) has told investors it is “currently perfecting the security” which is being granted to Zenith Energy Ltd as part of a £250,000 loan agreement.

Zenith agreed to provide the loan alongside its acquisition of an 80% interest in AAOG’s Tilapia field in the Congo, and, in order to complete the process, it is necessary for AAOG to make changes to the now part-owned subsidiary in the Republic of Congo.

The Anglo African Oil & Gas Congo S.A.U is presently being reregistered as a "multi shareholder" company, AAOG said, noting that this was an ‘administrative legal process’.

READ: AAOG seals option deal for sale of residual Congo stake

AAOG has therefore yet to draw down the £250,000 loan, though it said it is confident of being able to do so in due course.

“In the meantime, and following receipt of monies from Forum Energy Services Limited as announced on 20 January 2020, the Company has sufficient cash to continue trading until the end of March absent the loan from Zenith and any unforeseen valid claims,” the company said.

Through a series of transactions and new agreements, AAOG is set to effectively become a cash-shell as it seeks potential new opportunities.

Quick facts: Anglo African Oil & Gas PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £1.52 m

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