AWE obtains new $400m loan facility
Thursday, May 14 2015 - 02:35 AM WIB
ASX-listed AWE Limited announced Thursday it has obtained a new four-year, A$400 million secured multicurrency syndicated bank loan facility to replace its existing A$300 million unsecured loan facility.
Chief Financial Officer of AWE, Ayten Saridas, said in a statement that the new facility further strengthens the company?s capacity to deliver its expanding portfolio of major growth projects and take advantage of emerging opportunities.
?AWE?s ability to increase its bank facility by A$100 million to A$400 million in the current low oil price environment reflects the strength and stability of the company?s asset portfolio and the resilience of the underlying projected cash flows,? Saridas said.
Over the past 12 months, AWE has added two significant projects to its development portfolio: the Senecio/Waitsia gas project in the onshore Perth Basin and the Lengo gas project offshore Indonesia. The Perth Basin project, together with BassGas, Sugarloaf and Ande Ande Lumut, are core elements of AWE?s growth strategy.
?The extended term of the facility through to 2019 will provide greater certainty of funding through a period of significant growth. Another key outcome has been to increase the flexibility of financing options available to the company,? Saridas said.
A key aspect of AWE?s successful business strategy is maintaining diversity of production, product and geography across its portfolio of assets.
Editing by Reiner Simanjuntak