Ophir signs new $250M facility to refinance debt

UK-based oil and gas company Ophir Energy has signed a new $250 million reserve based lending facility (RBL) secured against the group’s producing assets in Southeast Asia.

Ophir has a combination of production, development and exploration assets in Asia.

In Thailand, Ophir has both oil and gas production and exploration. In Indonesia, Ophir has an onshore gas development and deepwater exploration acreage. The company has further exploration acreage in Myanmar and Malaysia.

In addition to the committed $250 million, a further $100 million is available on an uncommitted “accordion” basis, the oil company said in a statement on Wednesday.

The RBL has a seven year term and matures on June 30, 2024, and it replaces Ophir’s existing RBL facility which matures in December 2019. The new RBL facility is currently undrawn.

The facility has been provided by Australia and New Zealand Banking Group Limited, BNP Paribas, Commonwealth Bank of Australia, Crédit Agricole, HSBC, Société Générale and Standard Chartered.

Commenting on the new facility, Tony Rouse, CFO of Ophir said: “We are pleased to have the continued support from our key relationship banks and to welcome new lenders into the facility. The combination of existing cash, this credit facility and cash flows from operations will provide the capital for Ophir to continue to invest to maximize the cash generation of its production and development portfolio.”

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