|
Jadestone Energy PLC on Friday said it has signed a new $200 million reserves-based lending facility. The London-based oil and gas production company, focused on the Asia-Pacific region said the facility - which is says has been agreed with ‘a group of four, reputable, international banks’ - also provides an uncommitted option to allow Jadestone to borrow a further $160 million, dependent on the incremental availability of bank debt. The loan has a 4-year tenor, with bi-annual redeterminations to establish available debt capacity, the firm said. Jadestone added that borrowing is constrained before the Akatara field is integrated as a producing asset, after which point it will ‘increase significantly’. Jadestone said it will use the facility to pay its $50 million interim facility, which will be fully drawn on May 2. Following this, the new facility will fund its operations and capital investment programme, notably the Akatara gas project in Indonesia. Chief Executive Paul Blakeley said: ‘We are very pleased to have achieved this milestone financing with four international banks, providing a significant debt facility in support of our strategy as a responsible operator in the Asia-Pacific region. The banks recognise that our strategy fits well within the energy transition and have worked closely with us to ensure we deliver on environmental and operating performance objectives.’ Jadestone shares rose 2.8% to 54.48 pence each in London on Friday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
