Po Valley signs new financing agreement
PERTH (miningweekly.com) – Emerging oil and gas explorer Po Valley Energy has completed a €20-million lending facility with the London branch of South Africa’s Nedbank Group.
The new five-year term facility replaced Po Valley’s current facility with Lloyds Bank, which has a maturity date of November 2013, and has a current drawn balance of €4-million.
“Considering the current European and global economic climate, we are very pleased to have received the commitment from Nedbank on satisfactory terms,” said Po Valley CEO and MD Giovanni Catalano.
“Funding under the Lloyds facility enabled Po Valley to transform from an exploration company to a production company. The new Nedbank facility allows us to fund the next stage of the company’s growth opportunities, which include two final production concession grants, the development of our first offshore permit, and other projects in the company’s pipeline.”
Po Valley owns and operates two gas treatment plants in northern Italy, as well as more gas and oil developments.
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