SacOil Holdings Limited (SacOil) has entered into a loan settlement agreement with Energy Equity Resources Norway Limited (EERNL) which enhances the company’s ability to recover loans owed to SacOil.

The loan settlement agreement entails the restructuring of the loans SacOil provided to EERNL in relation to joint exploration opportunities at the oil field OPL 233 and consequences of the termination of our participation in OPL 281 in Nigeria.

Dr Thabo Kgogo, CEO of SacOil, commented, “This settlement reflects the restructure of the loans provided to EERNL and the consequences of our termination of the OPL 281 contract with Transcorp. Overall we have negotiated this settlement to restructure the EERNL Group's debt obligations and enhance our ability to recover the sums owed to the Company and its shareholders."

Tags: SacOil Holdings