[PHNOM PENH POST]
KRISENERGY Holding Company, a partner with Chevron in Cambodia’s
offshore petroleum Block A, has secured US$115 million in bond and
credit facility to fund its projects, a statement on Friday said.
The
funding comes through a five-year, $85 million bond issue and
three-year $30 million credit facility, would repay its existing $58.5
million facility, and “fund development of its asset portfolio,
including near-term oil development projects offshore Cambodia and
Thailand”, it said.
Singapore-based KrisEnergy holds a 25 percent
stake in Cambodia’s Block A. Chevron Overseas Petroleum Cambodia
Limited is the operator of Block A and holds a 30 percent interest,
while a subsidiary of Mitsui Oil Exploration Company holds 30 percent,
and GS Caltex the remaining 15 percent, according to the Cambodian
National Petroleum Authority's website.
Block A is thought to be
the most advanced area undergoing oil exploration in Cambodia, and
government officials have said they hope extraction will begin by
December 2012.
KrisEnergy Chief Financial Officer Stephen
Clifford said the partners in Block A continue working toward realising
development of the oil discoveries and reaching production. “The plan of
development is currently with the Cambodian authorities awaiting
appropriate approvals,” he said on Friday.
“In Cambodia, we
believe there is excellent potential for hydrocarbon reserves and we
would welcome bringing our technical and operational expertise to other
projects and areas,” said Clifford, who directed further Block A
operational inquires to Chevron.
Chevron’s Singapore-based
spokesman Gareth Johnstone confirmed Friday that the firm aimed to make
an investment decision on Block A this year.
KrisEnergy is
involved in ten contract areas, all in Southeast Asia. Its latest
financing arrangement comes through a five-year U$85 million bond, with
Pareto Securities as Lead Manager. Standard Bank Plc and Sumitomo Mitsui
Banking Corp were lead arrangers for the three-year $30 million
revolving credit facility, it said.
No comments:
Post a Comment