The facility has an initial borrowing base of $20 million to be used to fund Max Petroleum's appraisal and development of the Zhana Makat field on Block E. Upon closing, Max Petroleum issued Macquarie a five-year warrant to acquire 5 million ordinary shares in the Company at an exercise price of 160.6p per share.
Jim Jeffs, Executive Chairman, commented:
"The mezzanine facility, as one component of our capital structure, will specifically be used to fund early stage appraisal and development costs of our shallow and intermediate discoveries, providing us with additional financial flexibility to grow our business as quickly as possible."
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