06:28 AM EDT, 06/05/2026 (MT Newswires) -- BP (BP) agreed to subscribe for 10 million British Pounds ($13.5 million) in convertible loan notes and secure exclusive crude oil marketing rights in new agreements, Coastal Africa Group said Thursday.

The debt will mature in 4 years and carry an interest rate of the compounded daily SONIA plus 3% annually, the company said.

The marketing partnership grants the buyer exclusive rights to lift and sell all crude oil and condensate production until a specified minimum volume is reached, it said.

The arrangement also features a right of first offer for non-financed projects and requires per-barrel damages for any exclusivity breach, Coastal Africa Group said.