Max Completes $100M Mezzanine Debt Facility

Max Petroleum Plc has closed its $100 million credit facility with Macquarie Bank Limited announced on April 12.

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."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Controls Specialist
Expertise: Planner / Scheduler|Project Controls
Location: Anchorage, AK
Senior Budget Analyst Job
Expertise: Accounting|Budget / Cost Control|Financial Analyst
Location: Denver, CO
US Houston, Texas: Operations Finance Manager
Expertise: Accounting|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours