https://www.engineeringnews.co.za

Oil Search secures $300m in revolving credit

11th December 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Oil Search has established $300-million corporate bilateral revolving credit facilities, providing the company with more financial flexibility.

The company has entered into three separate $100-million bilateral revolving credit facilities with three major banks, Commonwealth Bank of Australia, Mizuho Bank and Sumitomo Mitsui Banking Corporation.

The new facilities each have a five-year term and will expire at the end of 2023, and will replace two $125-million bilateral facilities that are due to expire at the end of December this year.

Oil Search on Tuesday told shareholders that the company now had access to some $900-million of committed revolving credit facilities, with $600-million expiring in June 2022, and $300-million in December 2023.

MD Peter Botton told shareholders that with more than $1.4-billion in cash and committed facilities at the end of September, this year, and with excellent cash generation from the company’s low cost operations, Oil Search had the financial flexibility to support its growth opportunities in both Alaska and Papua New Guinea.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.06 0.618s - 140pq - 2rq
Subscribe Now