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Anglo African Oil & Gas to receive another £150,000 from Forum, board changes announced

Another injection of funds from Forum is intended to tide AAOG over as it becomes a cash-shell in anticipation of fresh opportunities

Anglo African Oil & Gas PLC - Anglo African Oil & Gas to receive another £150,000 from Forum, board changes announced

Anglo African Oil & Gas PLC (LON:AAOG) has announced that its associate Forum Energy has agreed in principle to provide £150,000 of interim finance for the company, before the end of this month, so that the company can satisfy its creditors.

The company, which is the process of becoming a cash shell for future investment, in January agreed a funding deal with Forum which at that time saw the company receive £250,000.

READ: AAOG agrees divestments to become cash shell

At that time, Forum confirmed it had no intention of disposing of its strategic stake in the company.

Alongside the latest injection of funds, Forum has appointed two directors to the AAOG board. Dexter Ferreira and Tania Maciver have both been appointed as non-executive directors.

Meanwhile, James Cane has agreed to step down as AAOG's interim chief executive and finance director. Paul Forrest will act as part-time interim finance officer in a non-board role.

Sarah Cope and Phil Beck remain on the board as non-executive chair and non-executive director, respectively.

Quick facts: Anglo African Oil & Gas PLC

Price: 0.33 GBX

AIM:AAOG
Market: AIM
Market Cap: £1.54 m
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