KrisEnergy transfers revolving credit facility to DBS Bank Ltd
Friday, July 1 2016 - 06:26 AM WIB
SGX-listed KrisEnergy Ltd., an independent upstream oil and gas company, announced Friday that the company?s revolving credit facility has been transferred to a single lender, DBS Bank Ltd.
The company said in a statement that the previously disclosed requirements for (i) repayment and cancellation of US$55.0 million of the facility by July 29, 2016; and (ii) raising minimum new capital of $100.0 million and $50.0 million (both amounts being net of costs) by June 30, 2016, and November 30, 2016, respectively, will no longer apply.
?Liquidity and capital management continue to be a priority for the group and the company is pleased to be embarking on this new relationship with DBS,? the statement said.
KrisEnergy said its management continues to examine 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.
The revolving credit facility is secured by the company?s producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.
KrisEnergy owns stakes in various oil and gas assets in Indonesia including the Block A Aceh, East Seruway PSC, Sakti PSC, Bulu PSC, East Muriah PSC, Kutai PSC, Bala-Balakang PSC and Udan Emas PSC.
Editing by Reiner Simanjuntak