Druces LLP, the City-based business and private wealth law firm, has closed a further $25 million bond financing for client Technology Enhanced Oil PLC (TEO). This is the third tranche of bonds issued by TEO, and brings the total to over $32 million. The mandatory convertible bonds are listed in Singapore and the client is using the proceeds of the issue to acquire underperforming oil assets in North America whose economics can be improved by the use of enhanced oil recovery techniques.
Marc Samuel, Chairman of TEO commented:
“This bond financing further underpins our company’s growth as we continue to take our innovative techniques to new markets and David Smith and his team at Druces have been part of that programme, every step of the way.”
This news was posted on 27 July 2016.