IFC Could Loan US$550mn to PAE for Cerro Dragon

Anglo-Argentine oil company Pan American Energy (PAE) has requested US$550mn in financing from the International Finance Corporation (IFC) to develop its Cerro Dragon oilfield in Argentina's San Jorge basin, IFC said in a statement.

IFC proposes a US$150mn A-loan with an 11-year term and mobilizing US$400mn in B-loans with terms of 7-8 years.

PAE's total capex planned for the block through 2007 and the first half of 2008 is US$858mn, according to the statement.

The project involves an oil and gas drilling program, completion of water-flooding projects and the construction of facilities to support increased production, the statement said.

The projected date for the IFC board to discuss the loan to PAE is July 5.

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