LONDON--Forum Energy PLC (FEP.LN), a Philippines-focused oil and
gas company, Friday said that along with its joint venture
partners, it agreed a facility agreement with BNP Paribas to
provide a total of 40 million dollars in project financing for the
second phase of development at the Galoc oil field, offshore
Philippines.
MAIN FACTS:
-Forum unit Forum Energy Philippines Corp will borrow $2.58
million as part of capex with the balance being funded from
existing cash resources.
-Refers to announcement by 33% owner Otto Energy Ltd.
(OEL.AU)
-3 year tenor term loan facility will expire on Dec. 31 2015
-Repayments start in 1Q14
-Interest costs at a competitive market rate
-Phase II requires $188 million to drill and complete two subsea
wells tied into the existing infrastructure with a view to more
than doubling production from the current levels.
-The drilling rig is expected to be mobilized in early 2Q13
-First oil scheduled for the 2H 2013.
-Forum shares at 1043 GMT flat at 87 pence valuing the company
at GBP31 million.
-Write to Ed Ballard at ed.ballard@dowjones.com
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