Jupiter Energy Limited has entered into a new unsecured loan agreement with Mobile Energy Ltd. The loan is for $3 million via three promissory notes, each with a face value of $1 million. The loan is repayable on December 31 or at such time that the company raises additional funding of a minimum of $20 million via debt, equity or other funding. The loan has a coupon rate of 15% per annum, payable quarterly in arrears, with the first interest payment due on March 31.

The loan will be used to fund the drilling of the J-59 well, which spudded on December 31.