Eland Secures Credit to Fund Opuama Field Development

West Africa-focused Eland Oil & Gas announced Thursday that it has arranged a new credit facility for up to $75 million. The firm said the credit facility will enable it to continue the development of the Opuama field on Oil Mining Lease 40, offshore Nigeria, as well as fund general working-capital expenses.

The reserves-based lending (RBL) credit facility has been arranged with Standard Chartered Bank (SCB) and has a maturity of four-and-a-half years. It is payable quarterly from September 2016 and has a margin of 7.75 percent over the London Interbank Offered Rate (LIBOR).

Eland CEO George Maxwell commented in a company statement:

"I am delighted that we have signed this RBL facility. The strong commitment from SCB in the current market conditions highlights the robustness and value of our asset base even accounting for the current lower oil price environment.
"The successful completion and availability of a long-term debt facility will ensure the company has the financial capacity to execute work programmes on our assets. As we progress with the development of these assets we see the opportunity to grow the facility substantially and we are looking forward to a long term relationship with the lead arrangers and the syndicate."

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