Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Anglo African Oil & Gas said it was in negotiations to sell a controlling interest in an asset in the Republic of Congo to ease pressure on its balance sheet.
The company said it had received a number of expressions of interest in the asset, including from Zenith Energy.
The asset under consideration was subsidiary Anglo African Oil & Gas Congo, which held a 56% interest in the Tilapia field in the Republic of Congo.
Anglo African Oil & Gas also said it was managing its creditor position and had sufficient capital to allow it to continue as a going concern until at least the beginning of February.
That guidance assumed the receipt of £150K owed by Anglo Tunisian Oil & Gas, of which £50K was to be paid to the company on Monday, with the remainder due by the end of this month.
'The company is therefore in negotiations with providers of structured equity finance with a view to providing further working capital for the group, it added.
'Again, there can be no guarantee that such financing will be available or on what terms.'
At 1:46pm: (LON:AAOG) Anglo African Oil Gas Plc Ord 5p share price was +0.05p at 0.65p