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FINWIRES

Union Jack Oil Secures GBP1 Million Loan from Egdon Resources

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Union Jack Oil (UJO.L) said Monday it received a secured term loan worth 1 million pounds sterling from Egdon Resources UK.

The 24-month loan facility carries 5% annual interest and 8% default interest and is secured against its interests in PEDL180 and PEDL182 at the Wressle oilfield.

Proceeds will be used for general working capital. Repayment terms require the hydrocarbon production, development, and exploration company to pay 60% of monthly operating free cash flow from Wressle, with all principal and accrued interest due at maturity.

Egdon also has a right of first refusal and matching rights over any sale of the PEDL180 and PEDL182 interests.

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