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Eland Oil & Gas announced access to US$22 million loan facility to continue to develop OML 40, Niger
2014-12-7
AIM-listed Eland Oil & Gas, an oil & gas production, development and exploration company operating in West Africa with a principal focus on Nigeria, has announced that it has satisfied all the conditions precedent to access its US$22 million loan facility with Standard Chartered Bank. Drawdown of the Facility is now available to the Company to allow Elcrest Exploration and Production Nigeria, Eland's joint venture company, to continue to develop OML 40.
The Company has mandated Standard Chartered Bank to coordinate its $75 million reserve based lending facility and is targeting signing the facility by year end.
George Maxwell, CEO of Eland Oil & Gas commented:
'Entering the debt phase of financing is a key milestone for both Eland and its shareholders. It allows Eland and its stakeholders to push on with the further development of our assets without the requirement for equity funding. Furthermore, in a current economic environment of falling oil price, where financing and capital expenditure plans are being cut or deferred, the commitment from Standard Chartered to coordinate the raise of such a material debt facility by the end of the year further validates the significant value of the OML 40 license.'
