Camac enters into $100m credit facility for Nigerian offshore oil development
Oil and gas exploration and production company Camac Energy’s wholly-owned subsidiary Camac Petroleum has entered into a five-year $100-million credit facility to enable it to further expand and develop its Nigerian offshore assets, including the Oyo field, the company announced on Monday.
The senior secured-term loan, provided by Nigeria-based Zenith Bank, would bear interest at a rate of Libor plus 7.5%, subject to a floor of 9.5%.
“This new credit facility provides Camac Energy [with] flexible funding at a reasonable cost to continue development of the Oyo field,” Houston, Texas-based Camac Energy senior VP and CFO Earl McNiel said.
He added that the dramatic increases in production and cash flow Camac Energy expected to achieve at Oyo would drive near-term growth and enable the company to pursue its high-impact exploration programme.
The security package for the term loan facility included a legal charge over oil mining licences 120 and 121, offshore Nigeria, as well as an assignment of proceeds from oil sales.
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