Eland Access to $22m Loan Facility

Source: www.gulfoilandgas.com 12/5/2014, Location: Africa

Eland, an oil & gas production, development and exploration company operating in West Africa with a principal focus on Nigeria, is pleased to announce 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 Ltd ("Elcrest"), 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.

For more information about related Opportunities and Key Players visit West Africa Projects


Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...
Bermuda >>  8/11/2022 - The Board of Directors of Borr Drilling Limited has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of...

Canada >>  8/11/2022 - Frontera Energy Corporation has taken up and paid for 5,416,666 of its outstanding common shares (the "Shares") at a price of $12.00 per Share (the "P...
Norway >>  8/11/2022 - From 11 August 2022, the shares in Equinor will be traded ex dividend USD 0.40 (ordinary dividend of USD 0.20 and extraordinary dividend of USD 0.20)....

Norway >>  8/11/2022 - In reference to stock exchange announcement on 10 April 2022 concerning share options exercised, the Register of Business Enterprises has registered t...
United Kingdom >>  8/11/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
· Issue price of A$0.009 per share represents a 18.2% dis...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.