Buccaneer Project Finance Facility
Sydney, Jan 17, 2013 AEST (ABN Newswire) - In May 2012 Buccaneer Energy Limited (
ASX:BCC) executed the following facilities with Richmond Hill Investment Co., LP ("Richmond Hill"):
- US$20.0 million project finance facility ("the Facility"). The Facility is being used for capital expenditure amounts relating to the Company's Kenai Loop development including the current Kenai Loop # 4 well. The Facility was due to expire on the 16 January 2013 (US time).
- US$30.0 million revolving credit commitment ("the ACES Revolver") that gives the Company the ability to pre fund the rebates it receives under the State of Alaska ACES program.
Both the Facility and ACES Revolver are secured by the Company's Alaskan assets.
The Company has received a number of proposals from different financial institutions in relation to refinancing the above facilities. Both the Company and the financial institutions involved have been closely monitoring the results from the Kenai Loop # 4 well.
In order to fully access the Kenai Loop # 4 results, the Company and Richmond Hill have agreed to an extension to the expiry date of the Facility until 25 January 2013 (US time).
View the Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-716391.pdf
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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