KrisEnergy secures $127m revolving credit facility
Published on Mar 25, 2014 10:23 AM
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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!