Brief: Atlantic Petroleum in Heads of Terms with London Oil and Gas

Atlantic Petroleum P/F

25/03/2016 07:05

March 25 (Reuters) - Atlantic Petroleum P/F  ATLA.CO : 
    * Said on Thursday it entered into Heads of Terms with London Oil and Gas Ltd (LOG) 
    * LOG is prepared to inject funds and assets into Atlantic Petroleum of at least 8 million 
British pounds ($11.30 million) by June 24 through convertible instrument 
    * Transaction is subject to negotiation and execution of legally binding agreement, 
compromise or resolution in relation to certain liabilities of Atlantic Petroleum North Sea 
Limited and agreement of arrangements going forward on treatment of debt owed to P/F Atlantic 
Petroleum's main creditor Eik Bank 
    * Has undertaken that for duration of Exclusivity Period of 90 days from March 24 it will 
discuss and negotiate proposed transaction with LOG on exclusive basis conditional upon LOG 
forwarding loan of minimum 47,000 pounds per month for duration of exclusivity period 
 
     
  
 Source text: http://bit.ly/1Rpgqdt 
     
 Further company coverage:  ATLA.CO  
 
 
($1 = 0.7078 pounds) 
 
 (Gdynia Newsroom) 
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