OilVoice - Serica Energy Enters Into New Revolving Credit Facility

Serica Energy Enters Into New Revolving Credit Facility

Monday, November 16, 2009

Serica Energy plc announces that it has today entered into a new US$100 million senior secured revolving credit facility to replace its previous facility of a similar amount. The new facility, which has been arranged with J.P.Morgan plc, Bank of Scotland plc and Natixis as Mandated Lead Arrangers, is for a term of three years. The facility is principally to refinance the Company's outstanding borrowings on the Kambuna field which commenced production of gas and condensate in August of this year. It will also be available to finance the appraisal and development of the Columbus field and for general corporate purposes.