Baron Oil has signed a convertible loan agreement with InfraStrata for the Islandmagee gas storage project in Northern Ireland.
The loan will specifically provide bridge financing for the imminent drilling of the project’s salt appraisal well.
Baron will provide a secured loan of €1.8million to InfraStrata with an option to convert the loan balance in an equity participation of 15% in Islandmagee Storage Limited.
The loan has an 8% interest coupon and is repayable by May 2016 and Baron has an option to extend the loan until December 31, 2016.
More support is needed from politicians to reduce energy demand and boost energy storage, according to environmental campaigners.
The call from WWF Scotland came as they published figures showing that March broke records for wind power output in Scotland.
Their analysis of data showed that wind turbines alone provided the National Grid with enough electricity to supply, on average, the energy needs of 110% of Scottish households, 2.6 million homes.
This represents an increase of 16% compared to the same period last year.
Overall, wind power generated the equivalent of 57% of Scotland’s total electricity consumption - domestic and non-domestic - for the month.
Libya extinguished fires at three of five oil-storage tanks that started last week at its largest oil port, helping global crude prices to stabilize.
Libya is still seeking international assistance because of possible environmental damage, said Ali al-Hasy, a spokesman for the Petroleum Facilities Guard, part of the internationally-recognized government of Prime Minister Abdullah al-Thinni.
Es Sider has tanks with a capacity of 6.2 million barrels of oil, compared with current Libyan output of 352,000 barrels, according to National Oil Corp.
