Australian energy company WHL Energy Limited focussed on East Africa and Australia has announced it has completed a financing agreement to raise A$3.2 million.
The capital raised via the cash advance term loan facility will be utilised to fund WHL Energy’s ongoing activities including the current interpretation of 3D seismic data acquired over the VIC/P67 La Bella permit, offshore Victoria, and potential corporate transactions.
The competitive short-term financing solution has been arranged by Argonaut Equity Partners.
WHL Energy expects to repay the facility from proceeds to be received from Tap Oil under the firm Seismic Option and Farmout Agreement due 31 March 2015.
“This agreement provides WHL Energy with additional financial flexibility and allows us to investigate potential corporate and asset growth opportunities following the successful farmout of our Seychelles and La Bella projects,” said WHL Energy Managing Director David Rowbottam.
“This is very exciting time for WHL Energy and our shareholders with final analysis of the VIC/P67 seismic underway and planning for the Seychelles 3D seismic acquisition programme well advanced and we appreciate the support of quality investment houses like Argonaut.”
WHL Energy also has the option to repay the facility prior to that date if it elects.
WHL Energy holds a 12,856 km2 exploration area offshore Seychelles, at 25% equity and has farmed in proven East Africa explorer, Ophir Energy plc as operator.