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2010-03-09 Sagex Finance Secured |
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Wednesday, 10 March 2010 |
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Sagex Petroleum is pleased to have secured a finance facility based on the exploration tax refund, which will be important towards funding the six exploration wells planned in Norway over the next three years. The facility has been obtained from SEB with security against the tax refund of 78% of exploration investments the preceding year. Thus, the credit facility bridge the gap between accrued expenses and the tax refund the following years. Sagex has an active drilling program consisting of several firm wells. Three wells are planned for 2011, testing net risked resources of 26 mmboe of the close to 200 mmboe net risked resources in the company’s portfolio.
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Last Updated ( Wednesday, 10 March 2010 )
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2010-01-19 Sagex Petroleum is pleased with the Norwegian APA 2009 licence award |
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Tuesday, 19 January 2010 |
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In the APA 2009 Licensing Round, Sagex has been awarded a participating interest of 10 % in PL518B which is an extension to the highly promising PL518 awarded in the APA 2008. The award is in line with the Company’s application, focusing on strengthening its position in an area which is already established as a producing petroleum province. Together with the company’s interest in four other Barents Sea licenses located close to both the Snøhvit and Goliath Fields, the company has now built a strong portfolio in this prospective province. |
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Last Updated ( Wednesday, 20 January 2010 )
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