1 February 2018
Loan agreement finances further development of the Prinos, Prinos North and Epsilon oil fields
Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that it has signed a reserves-based senior facility agreement (the “Agreement”), amounting to US$180 million, with the European Bank for Reconstruction and Development (“EBRD”), the Black Sea Trade and Development Bank (“BSTDB”), the Export-Import Bank of Romania EximBank SA (“ EximBank Romania”) and Banca Comerciala Intesa Sanpaolo Romania S.A (“Intesa Sanpaolo Bank”), HSBC acting as the agent bank. This Agreement is an extension to the existing US$75 million loan signed with the EBRD on 19 May 2016.
The Agreement now includes two facilities: a senior secured reducing revolving credit facility of up to US$105 million with the EBRD and BSTDB as lenders; and a senior secured revolving credit facility of up to US$75 million arranged by EximBank Romania and having EximBank Romania and Intesa Sanpaolo Bank as lenders.
