StockMarketWire.com - Azerbaijan-focused Zenith Energy said it had taken out a new up to £1m loan and had renegotiated the terms of another.

The company said it entered into a new unsecured up to £1m convertible loan facility with a consortium of lenders.

The facility had term of 24 months and the company would pay interest on the outstanding amount at 8% per annum, repayable on January 15, 2021.

Separately, the company said conversion of another, existing facility would now not take place before March 1, 2019.

The total outstanding liability would stand at $1,05m by January 14, 2019.

Zenith also said its oil production target for the 2019 calendar year remained unchanged at 1,000 barrels per day.


At 9:53am: [LON:ZEN] Zenith Energy Ltd share price was +0.01p at 2.88p



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