Petroleum Africa
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Wednesday, September 10, 2014
CAMAC Energy’s wholly owned subsidiary, CAMAC Petroleum, has entered into a credit facility with Zenith Bank for a five-year senior secured term loan providing an initial borrowing capacity of $100 million. The borrowing under the term loan facility will bear interest at the rate of LIBOR plus 7.5%, subject to a floor of 9.5%. The security package for the term loan facility includes a legal charge over OMLs 120 and 121 and an assignment of proceeds from oil sales.
Proceeds from the term loan facility will be used for the further expansion and development of OMLs 120 and 121 offshore Nigeria, including the Oyo field.
“This new credit facility provides CAMAC Energy flexible funding at a reasonable cost to continue development of the Oyo Field,” said Earl W. McNiel, senior VP and CFO of CAMAC Energy. “The dramatic increases in production and cash flow we expect to achieve at Oyo will drive near-term growth and enable us to pursue our high-impact exploration program.”
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