Enovation Resources has finalised a USD 15 million loan agreement with a London-based institutional investor with significant oil and gas-related experience.

Diz Mackewn, Chief Executive of Enovation, commented as follows: 'We are delighted to conclude this finance initiative and to have the necessary capital in place to realise and accelerate our ongoing business plans.

As well as assuring our imminent drilling program in the Gulf of Mexico and existing operations in Asia Pacific, the provision of additional funds will now serve to underpin our plans for material growth in the UK Central North Sea through our wholly-owned UK subsidiary, Sussex Energy Limited.'

'We are excited that Sussex is presently in the process of concluding its first acreage acquisitions in the UKCS. The Enovation Group will continue to build its licence portfolio and operations base during 2008.'