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BP Unit Subscribes to GBP10 Million Coastal Africa Group Notes, Signs Exclusivity Deal

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Oil and gas giant BP's (BP.L) unit BP Oil International agreed to subscribe for 10 million pounds sterling of convertible notes issued by energy investment company Coastal Africa Group.

The notes bear interest at the Sterling Overnight Index Average plus 3% and will mature in 2030, according to a Thursday filing from Coastal Africa released Friday.

Further, Coastal Africa signed an exclusivity agreement with BP Oil, giving the BP unit exclusive rights to offtake and market all crude oil and condensate production from the former's projects.

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