GFI secures loan for Thailand, Indonesia projects

Calgary-based oil, gas company GFI Oil& Gas Corp. announced Thursday to have secured a US$25.5 million in bridge loan financing from several shareholder..

The company said the loan would be used to pay costs associated with the Bualuang and Kambuna development projects and corporate general and administrative expenses.

GFI is a public company listed on TSX Venture Exchange Inc. with core interests in two offshore fields currently under development, the 104,000 acre Bualuang oilfield offshore Thailand (60%) and a 35% non-operated interest in the 83,000 acre Kambuna natural gas and condensates project located offshore northern Sumatra.

The Company estimates its share of the future costs to develop the Bualuang and Kambuna fields to be approximately $100 million.

?Over the past few months, significant progress has been made on both projects, placing the Company in a more favorable position to arrange longer term financing. The Bridge Loan allows the Company to continue its project development plans while it completes its efforts to secure longer term financing, including a senior long-term credit facility,? the company said.(alex)