KrisEnergy extends maturity on revolving credit line by two years
- Business & Finance
Oil and gas company KrisEnergy has extended its existing revolving credit facility maturity by two years to June 30, 2020.
Under the terms prior to the extension, the company’s $148.27 million secured revolving credit facility would have matured in June 2018. Now the maturity has been extended for two more years.
There is no change to the existing terms and conditions of the facility, which has the capacity to increase up to US$200 million, the company said on Thursday.
DBS Bank is the sole arranger of the facility, which is secured by Kris Energy’s producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of
Thailand and in Indonesia.
Kiran Raj, Chief Financial Officer, says: “Given the continuing uncertainties in the macroeconomic environment and the potential impact to our cash flow and liquidity, we are very
pleased to have extended our Facility with no change to terms at a time when we are embarking on critical development projects to enhance the Company’s future growth potential.
I would like to thank DBS for its continued support since 2016. We also continue to evaluate a range of options in connection with the company’s capital structure with a view to strengthen our balance sheet as we progress our developments in the Gulf of Thailand.”
The independent upstream oil and gas company focused on the exploration, development, and production of oil and gas in Southeast Asia in 2017 reported total production volume of 12,745 boepd compared to 16,136 boepd in 2016.
The company’s 2018 capex guidance is $114.8 million, 84% of which will be allocated to producing assets and assets under development including Cambodia Block A and G10/48.
KrisEnergy, based in Singapore, owns working interests in five producing oil and/or gas fields in the Gulf of Thailand and onshore Bangladesh. It also participates in 11 blocks in Bangladesh, Cambodia, Indonesia, Thailand, and Vietnam.
Offshore Energy Today Staff