Petroleum Africa
Find us on: 
Friday, July 8, 2016
New Age (African Global Energy) closed a $425 million senior secured loan facility and has drawn $350 million. The facility, provided by a consortium of five lenders, was led by EIG Global Energy Partners and the Africa Finance Corp.
New Age has recently achieved first oil in a number of new developments, including its Aje field in Nigeria, the Litchendjili and Nene marine fields offshore the Republic of Congo, and the Shewashan in Iraqi-Kurdistan. The proceeds of the facility will be used to further expand production activities in these regions and develop other oil and gas fields in the portfolio.
Commenting, CEO Steve Lowden said: “We are pleased to have concluded this debt facility with a group of highly respected lenders in a difficult market. Our developments work at low break-even prices, offering good returns even in the prevailing commodity environment, and have attracted commensurate financing. So far in 2016, we have managed to secure some $600 million of debt and equity, giving New Age an exceptionally strong balance sheet at the bottom of the commodity cycle. Moreover, this facility ensures the Company is fully funded to deliver sanctioned and planned capex projects through to free cash flow.”
Evercore acted as financial adviser to New Age on this transaction.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
