AWE Limited, an upstream oil and gas company with production, development and exploration assets in Australia, New Zealand, USA and Indonesia, today announced that it has successfully executed a A$300 million unsecured multicurrency syndicated bank loan facility which will replace its existing bilateral loan facilities.
The new facility comprises a syndicate of leading Australian banks and has a tenor of four years.
CFO of AWE, Ayten Saridas, said: “AWE has achieved another important milestone with this refinancing and we are well positioned to fund our current and future growth activities. This facility will underpin and support the business through a dynamic growth phase over the coming years. It also reflects the stability of AWE’s cash flows and demonstrates the continued strong support of our lenders for the company’s outlook.”
“Following the recent sale of a 50% interest in the Northwest Natuna PSC for US$188 million, AWE is in a net cash position and our major development projects – Ande Ande Lumut (AAL), Sugarloaf and BassGas – are able to be funded from future operating cash flows,” Saridas said.
“This new facility, which matures after the projected first oil date for AAL, will provide AWE with the flexibility and capacity to pursue additional growth opportunities, such as the La Bella, Blackwatch, Senecio, and Lengo field developments.
“We will also continue to evaluate new opportunities in Australia, New Zealand and Asia where they meet our strict technical and financial criteria,” Saridas said.
Press Release, December 12, 2013