The loan facility, which carries an interest rate of 5% payable at maturity or conversion, has been entered into with African Gas Development Corp (AfGas), Gasol’s largest shareholder.

Gasol said the facility carries a conversion option whereby the lender has the right to call for the conversion of the loan (in whole or in part) into ordinary shares of Gasol at a price of 0.6 pence per share.

The prime focus of Gasol is on the monetisation of gas reserves in Sub-Sahara Africa by aggregation, liquefaction and shipment to high-value markets across the globe.