PEARL secures US$75 million loan facility from Natexis

Singapore-based PEARL Energy Limited, through its wholly owned subsidiary PEARLOIL Holdings Ltd. (Pearl Holdings), has secured a loan facility of up to US$75 million from Natexis Banques Populaires, Singapore Branch.

?As credit support for the facility, PEARL, PEARLOIL (Tungkal) Limited, PEARLOIL (Island) Limited and PEARLOIL (Basin) Limited have given joint and several guarantees to Natexis,? PEARL said in statement recently.

According to PEARL, the loan will be used by Pearl Holdings to refinance existing borrowings, finance the development of its interests in oil upstream assets, development or acquisition of new oil and gas assets. Some of the loan will be also used as the working capital of Pearl Holdings and PEARL.

PEARL engages in the exploration, development and production of oil and gas exclusively in Southeast Asia and has nine contract areas covering 33,000 sq km of gross acreage in Indonesia, Thailand and the Philippines.

PEARLOIL (Tungkal) is the operator and sole working interest holder in the Tungkal production sharing contract (PSC) in Jambi. Meanwhile, PEARLOIL (Island) and PEARLOIL (Basin) hold 18.70 percent working interest in the Salawati Island PSC and 34.06 percent working interest in the Salawati Basin PSC, respectively. Both PSCs are located in Papua. (Robert)