Energean Signs US$180m RBL Facility with EBRD, BSTDB, EximBank Romania and Intesa Sanpaolo Bank to Develop Prinos Basin
Friday 2 February 2018
Loan agreement finances further development of the Prinos, Prinos North and Epsilon oil fields.
Energean Oil & Gas is pleased to announce that it has signed a reserves-based senior facility agreement, amounting to US$180 million, with the European Bank for Reconstruction and Development (“EBRD”), the Black Sea Trade and Development Bank (“BSTDB”), the Export-Import Bank of Romania EximBank SA and Banca Comerciala Intesa Sanpaolo Romania S.A, HSBC acting as the agent bank. This Agreement is an extension to the existing US$75 million loan signed with the EBRD on 19 May 2016.
The Agreement now includes two facilities: a senior secured reducing revolving credit facility of up to US$105 million with the EBRD and BSTDB as lenders; and a senior secured revolving credit facility of up to US$75 million arranged by EximBank Romania and having EximBank Romania and Intesa Sanpaolo Bank as lenders.
The expansion of the existing facility agreement will support the Company’s development programme in respect of 41 mmboe (39.5mmbbls oil/6bcf gas) 2P reserves and 23.8 mmboe (22.9mmbbls oil /5.3bcf gas) 2C resources in the Prinos, Prinos North and Epsilon operating oil fields, located offshore Greece (Prinos Basin). The financing will principally fund the ongoing development of the Epsilon oil field with GSP Offshore S.R.L, the appointed EPCIC contractor, as part of the ongoing Prinos development programme that includes the drilling of up to 25 additional wells and construction of two additional well platforms by 2021 to materially increase production.