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Rally Energy Announces a US$3.0 Million Project Financing

Source: www.oilegypt.com 5/3/2004, Location: Africa

Rally Energy is pleased to announce that its wholly-owned subsidiary, Scimitar Production International Ltd., has closed a US$3.0 million unsecured project financing to fund further development of the Ras Issaran oilfield. This project financing places the company in a position to accelerate drilling and development activities in Egypt.

Under the terms of the Investment Agreement, the investor, Gemini Oil & Gas Limited, is entitled to revenue-based payments from the Ras Issaran oilfield commencing in 2005. The maximum revenue-based payment entitlement will be US$1.5 million in each of 2005 and 2006 with no minimum payments required. Upon investment payout, and continuing until December 31, 2012, the investor is entitled to receive 2.6% of Ras Issaran oil revenues net of marketing fees and entitlements of The General Petroleum Co. S.A.E.

Gemini Oil & Gas Limited is an international oil and gas investment fund.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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