Drillsearch Energy Limited reported that it has signed binding agreements with the Commonwealth Bank of Australia for a $45.9 million (AUD 50 million) Senior Secured Revolving Borrowing Base Facility (the facility). The facility is available subject only to satisfaction of usual conditions precedent.
While Drillsearch does not expect to use the facility in the immediate future, it has been implemented to provide additional corporate liquidity and to underpin future work programs. This facility replaces the $91.8 million (AUD 100 million) acquisition facility provided by Commonwealth Bank in November 2012.
Managing Director Brad Lingo stated, “We are pleased to have secured this facility and to continue our relationship with the Commonwealth Bank. We can confidently look forward to the coming year with strengthened liquidity and a strong balance sheet that will enable us to deliver on our business plan.”
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