Target Energy secures loan from directors

(MENAFN- ProactiveInvestors)

Target Energy’s (ASX:TEX) directors have collectively advanced A$500000 in secured loans to the company.

The loans are secured by a third ranking security charge over the company’s interest in the Fairway project. These will incur interest at the rate of 10% per annum payable in arrears and are repayable on 31 March 2017.

Target recently deferred a decision to divest its Fairway asset in the Permian Basin Texas pending the recovery of oil and gas prices.

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