Angus Energy plc has reduced its debt to Trafigura from around £26 million to £22.7m after making its first ‘cash sweep’, following its financial restructuring agreed in June of this year.
The company, which owns the Saltfleetby gas field in East Lincolnshire, has repaid in full the £1.95m overriding royalty interest (ORRI), and made a £1.996m prepayment against the Trafigura senior debt facility.
Angus said it had repaid £5.241m of debt principal since the restructuring.
“Under the amended financing arrangements, all future cash sweep proceeds will now be directed exclusively towards reducing the outstanding Trafigura facility, accelerating the company’s deleveraging profile,” added the company.
Finance director Carlos Fernandes stated: “Every pound of debt we repay reduces future financing obligations and increases the value attributable to shareholders.”