Energy Africa Signs $50 Million Credit Facility

Energy Africa is pleased to announce the signing of a US $50 million seven-year revolving credit facility. The facility was arranged by ABN AMRO Bank, London and was fully subscribed by four syndicate banks, namely, ABN AMRO, BNP Paribas, IntesaBci and Bank of Tokyo-Mitsubishi. The facility is a limited recourse one and is backed by the company's interests in the North Sea.

The purpose of the facility is to fund development expenditure principally in the North Sea and Equatorial Guinea, where the company has recently made some significant oil discoveries.

Rhidwaan Gasant, Managing Director of Energy Africa commented: "Energy Africa is on an exciting growth path. We have an active program of development in Equatorial Guinea, elsewhere in Africa and in the UK as well as a very busy exploration and appraisal drilling schedule. This facility will contribute towards the financing of our developments. Our exploration activity continues to be funded from internally generated cash flow."