Ophir Energy Plc Increase and extension of Debt Facility (2230K)
12 Dezember 2018 - 8:02AM
UK Regulatory
TIDMOPHR
RNS Number : 2230K
Ophir Energy Plc
12 December 2018
12 December 2018
Ophir Energy plc
("Ophir")
Increase and extension of Debt Facility
Ophir announces that it has increased and extended its existing
Reserve Based Lending Facility ("RBL"). The RBL has been increased
by US$100 million to US$350 million facility and the maturity of
the RBL has been extended by 18 months, so it now matures on 31
December 2025, restoring the original seven-year maturity. The
amortisation schedule has been re-profiled accordingly. Other
material commercial terms of the RBL remain unchanged.
The increase follows the completion of acquisition of certain
Southeast Asian assets from Santos Limited as announced on 6
September 2018. The increased and extended RBL will be secured
against the Group's acquired producing assets in Southeast Asia,
including Chim Sao field in Vietnam and the producing fields in the
Madura and Sampang PSCs in Indonesia.
Proceeds from the RBL increase will be used to fully repay the
18 month Bridge Facility that Ophir signed in August this year to
partly fund the acquisition of a package of production and
development assets from Santos.
The RBL continues to be provided by Australia and New Zealand
Banking Group Limited, BNP Paribas, Commonwealth Bank of Australia,
Crédit Agricole, HSBC, Société Générale and Standard Chartered.
Rothschild & Co and Ashurst advised Ophir and Herbert Smith
Freehills advised the banks.
Having experienced a strong production performance during 2018,
and with commodity prices ahead of budget for the majority of the
year and lower capex payments, Ophir now expects to end the year
with net debt of US$65 million (with the RBL drawn down by US$250
million by early-January) versus previous guidance of US$110
million. Additionally, with the increased RBL capacity, gross
liquidity (cash and undrawn available borrowings) at year-end is
expected to be US$360 million versus previous guidance of US$260
million.
Tony Rouse, CFO of Ophir Energy, commented:
"We are pleased with the ongoing strong support of our
relationship banks, evidenced by the integration of Santos assets
into the company's long-term debt facility. Our balance sheet
remains strong and we expect to have greater liquidity at year end
than previously guided."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulations (EU) No. 596/2014
("MAR") and is disclosed in accordance with the Company's
obligations under Article 17 of MAR.
For further enquiries please contact:
Ophir Energy plc + 44 (0) 20 7811 2400
Tony Rouse, CFO
Geoff Callow, Head of IR and Corporate Communications
Brunswick (PR Adviser to Ophir) +44 (0)20 7404 5959
Patrick Handley
Wendel Verbeek
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END
MSCQLLBFVLFZFBD
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