Advertisement

Petroceltic International secures access to 500m dollars of financing

Petroceltic International, the upstream oil and gas exploration company focused on North Africa, the Mediterranean and the Black Sea regions has finalised a financing agreement for up to 500m dollars with a syndicate of international banks and the International Finance Corporation.

Petroceltic International, the upstream oil and gas exploration company focused on North Africa, the Mediterranean and the Black Sea regions has finalised a financing agreement for up to 500m dollars with a syndicate of international banks and the International Finance Corporation.

The company said that this would replace the $300m bridge facility provided exclusively by HSBC in 2012 to support the merger with Melrose Resources.

Advertisement - Article continues below

The financing has two tranches: Tranche A is a revolving senior Reserve Based Lending Tranche of up to $375m; Tranche B is a Development Financing Tranche of up to $125m. Both Tranches have an initial five-year term, however are extendable by two years, subject to lender consent.

Brian O'Cathain, Chief Executive Officer of Petroceltic, said: "We are delighted to conclude these financing arrangements which represent an important step in the on-going development of our business and a strong technical and financial endorsement of the quality of our producing assets and longer term growth ambitions."

"We are particularly pleased to secure the first direct debt funding for the world class Ain Tsila field in Algeria with availability generated via the on-going development and de-risking of the asset.

"This facility, combined with our planned farm-out of an additional interest in Ain Tsila, means the business is well funded and has a firm foundation on which to build over the coming years."

Petroceltic's share price was up 1.66% to 6.756p at 09:05 on Monday.

MF

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/investments/commodities/gold/601587/bullish-gold-price-cup-and-handle-chart-pattern
Gold

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020