Oilexco Increases Senior Credit Facility to US $500 Million

Oilexco Incorporated (LSE:OIL) has signed an agreement with its banking syndicate, led by the Royal Bank of Scotland, that increases its Senior Credit Facility to U.S. $500 million.

The previous amount of the Senior Credit Facility had been U.S. $275 million. The facility is in addition to the Pre-Development Facility of Pounds Sterling 100 million.

The increased credit facilities are available for developing fields at Ptarmigan, Shelley and Huntington, for completing the Balmoral Floating Production Vessel acquisition, and for general corporate purposes.

"The increase in debt capacity provides us the financial means to significantly increase our production over the next several years," said Oilexco President and CEO Arthur Millholland. "It allows us to quickly move from discovery to production, which is a key part of our strategy."