Stratic Negotiates $18 Million Debt Facility
Stratic Energy's subsidiary Stratic Energy (UK) Limited has negotiated a US$18 million, 18-month senior secured revolving credit facility with the Royal Bank of Scotland plc ("RBS"). The funds will be used primarily for the development of its U.K. projects and potential projects (West Don, Crawford and Cairngorm) and for other general corporate purposes. The Facility will be provided by RBS subject to satisfactory documentation, due diligence and achievement of all conditions precedent. It is expected that the Facility will become available for drawing in early October 2006.
Mark Bilsland, Chief Financial Officer commented, "Stratic is delighted to be working with RBS, and looks forward to long-term collaboration on its growing North Sea portfolio".
RBS is a leading lender to the oil and gas industry in the North Sea and specializes in providing bespoke solutions to the industry and as a "one stop shop" for the complex financing needs of the independent oil & gas companies in the North Sea.
Stratic is an international exploration and development company with gas
developments in Turkey, oil developments in the North Sea and exploration
acreage in Morocco, Italy and Syria.
- EnQuest Commences Drilling at West Don Field (Aug 09)
- EnQuest Increases Reserves in North Sea with Stratic Acquisition (Aug 03)
- Stratic Highlights 1Q10 Financial, Operational Results (May 28)