Onshore explorer UK Oil and Gas has been given a boost after being released from a bank liability relating to its former incarnation making antennas.
The company, previously known as Sarantel, has been liable for a £2million cross guarantee set by HSBC for its subsidiary firm to cover a loan.
After the subsidiary company was put in administration earlier this year, it had not been able to pay back the loan but the debt has now been settled by its security provider.
“This is excellent news for our shareholders as it marks a clear departure from the past by removing the residual risk of any claims relating to the historic £2m loan,” said UK Oil and Gas chairman David Lenigas.
“UKOG can now concentrate all of its energy on pursuing compelling investment opportunities in the domestic conventional oil and gas sector in the UK.”
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