PA Resources Signs $125MM Credit Facility

The oil and gas company PA Resources AB has entered into a US $125 million corporate finance facility agreement with Standard Bank.

The new credit facility replaces an existing facility of US $30 million and represents an extension by US $95 million to US $125 million (corresponding to approximately SEK 875 million). This one year facility is to be refinanced with a structured financing.

"The new credit facility is a result of the Group's continuing refinancing efforts and will be used to support PA Resources continued production growth in West Africa", said Ulrik Jansson, President and CEO at PA Resources AB.

"We are very pleased to extend our existing relationship with PA Resources through this facility. Standard Bank has been impressed with the management team's successful execution in both development and exploration of the portfolio assets," stated Peter Heintzelman, Director Oil and Gas at Standard Bank's London office.