Kalrez to pay back loan facility from Tulloch Lodge
Thursday, February 20 2003 - 07:17 AM WIB
Australian oil company Kalrez Energy Limited said on Thursday that it had received the payment of US$1.236 million for its Bula oil lifting in December 2002 and had allocated it to pay back loan facility from Tulloch Lodge Limited.
In mid January, Tulloch agreed to provide a funding combination of A$ 2 million (US$=1.68176 A$) to Kalrez. The funding consists of A$500,000 placement in Kalrez and A$1.5 million loan facility.
?This cash complete with Tulloch Lodge funding facilities give the company confidence,? Joe Mercorella, Kalrez?s chairman said in a statement to the Australian Stock Exchange.
Kalrez further said the next Bula Lifting of approximately 50,000 barrels was expected in the second half of March 2003.
Kalrez is 100 percent interest holder and operator of Bula production sharing contract in Seram Island, Maluku province. (robert)