Cape Town, South Africa.
PetroSA Ghana, a subsidiary of PetroSA, South Africa’s National Oil Company, is pleased to announce that it has secured a seven year US$150 million reserve based lending credit facility, which will be used to refinance existing loans and to fund expansion capital expenditure in the Jubilee and TEN offshore fields.
PetroSA bought a minority stake in the Ghana-based offshore fields in 2012.
The credit facility agreement was successfully concluded on 25 February 2015, in London. Absa Bank Limited, a member of Barclays, acted as co-ordinating mandated lead arranger, with Rand Merchant Bank, Standard Chartered Bank, BNP Paribas, Credit Agricole Corporate and Investment Bank and Natixis acting as mandated lead arrangers.
“We are very pleased to announce the closing of this transaction, in a difficult market, both with the uncertainty surrounding crude oil prices and the continuing difficulty in accessing global capital markets. We consider this as a strong message of support from our relationship with these banks and will contribute significantly to our growth aspirations, “said Lindiwe Bakoro, PetroSA’s Group Chief Financial Officer.
PetroSA Ghana is a significant revenue and profit contributor to PetroSA. For the year ended 31 March 2014, PetroSA Ghana generated revenue and profits of R963m and R491m, respectively.
For more information, please contact:
Group Communications Manager