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KrisEnergy secures $127m revolving credit facility

Published on Mar 25, 2014 10:23 AM
(From right) KrisEnergy's chief executive Keith Cameron, seen here with director of business development Richard Lorentz and director of exploration and production Chris Gibson-Robinson, said: "The facility is another step in the optimisation of our balance sheet, which is core to our strategy to ensure that we have the maximum flexibility in our capital structure." -- PHOTO: KRISENERGY

KrisEnergy, a Singapore-listed oil and gas production and exploration company, said on Tuesday it has obtained a US$100 million (S$127 million) revolving credit facility.

The facility, which is secured by the company's producing and development assets in the Gulf of Thailand, will mature in March 2016 with an option to be extended for an additional year.

KrisEnergy can also opt to extend the facility to a maximum of US$140 million if it adds new proved or probable hydrocarbon reserves to its portfolio. As at Dec 31 last year, it had 32.3 million barrels of oil equivalent of such reserves.

Proceeds from the facility will be used to acquire hydrocarbon assets and for general corporate purposes and working capital, KrisEnergy said.

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