Candax Increases Credit Facility
Candax Energy has increased its credit facility with Bank of Scotland Corporate and has drawn down US$20 million to date. This draw down represents a relatively modest proportion of the available debt capacity underpinned by Candax's existing reserves.
The primary purpose of the facility is to provide financial flexibility for new business development opportunities and for the completion of the El Bibane development project and for other working capital purposes.
Michael Wood, President and Chief Executive Officer, commented, "Candax is pleased to be able to expand its relationship with Bank of Scotland Corporate, one of Europe's leading international energy banks. Both Candax and Bank of Scotland Corporate are aligned in the development of Candax as it pursues further growth."