KrisEnergy announces extension of revolving credit facility
Friday, March 25 2016 - 04:04 AM WIB
SGX-listed KrisEnergy Ltd., an independent upstream oil and gas company, announced Friday that effective March 24, 2016, the company has extended its existing revolving credit facility by one year to March 24, 2017. The facility amount is approximately US$111 million and will reduce to approximately $55 million on July 31, 2016.
The company said in a statement that facility is secured by the firm?s producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.
The Hongkong and Shanghai Banking Corporation Limited, Commonwealth Bank of Australia and Australia and New Zealand Banking Group Limited are Mandated Lead Arrangers under the facility, KrisEnergy said.
?Given the current macroeconomic environment, a key priority for the company in 2016 is to manage cash flows and liquidity. As such, KrisEnergy?s management is examining all strategies to put the company?s capital structure on a long-term footing and to provide maximum flexibility to access a range of funding options going forward. The facility extension is in furtherance of that goal,? the company explained.
KrisEnergy owns stakes in various oil and gas assets in Indonesia including the Bulu PSC, East Muriah PSC, Kutai PSC, Bala-Balakang PSC, Udan Emas PSC, Block A Aceh, East Seruway PSC and Sakti PSC.
Editing by Reiner Simanjuntak