KrisEnergy secures US$100 million revolving credit facility

KrisEnergy Ltd.

KrisEnergy Ltd.'s wholly owned subsidiary, KrisEnergy (Asia) Ltd., has entered into a facility agreement whereby KrisEnergy will be granted a US$100 million revolving credit facility maturing in March 2016 with an option to extend for an additional one year. The facility will be used for the acquisition of hydrocarbon assets, general corporate purposes and working capital requirements.

The facility, which is secured by the company’s current producing and development assets in the Gulf of Thailand and a producing block in Bangladesh, also contains an option to extend the full amount up to a maximum of US$140 million upon the addition of new hydrocarbon reserves in the proved plus probable (2P) category into the group’s portfolio. As of Dec. 31, 2013, KrisEnergy’s 2P reserves were 32.3 million barrels of oil equivalent as estimated by Netherland, Sewell & Associates Inc.

The facility was arranged by HSBC, which intends to syndicate to other banks subsequently.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...