Nigeria focused oil exploration firm Eland has announced the restructuring of a loan it had obtained from Standard Chartered bank.
Details of the loan restructuring
The company has substituted an existing $35 million deal with Standard Chartered Bank with a $40 million agreement with a syndicate of lenders. The Mauritius Commercial Bank and Mercuria Energy Trading have joined Standard Chartered in providing the lending.
About Eland Oil
Eland, founded in 2009, is an independent oil and gas company focused on production, development and exploration in West Africa, particularly the Niger Delta region of Nigeria. The company is listed on the Alternative Investment Market (AIM) of the London Stock Exchange in September 2012.
Through its joint venture company Elcrest, Eland’s core asset is OML 40 located in the Northwest Niger Delta. OML 40 produces at around 19,000 bopd (November 2017) from three existing wells. Further to the OML 40 licence, Eland also has a 40% interest in the Ubima field, located onshore Niger Delta just north of Port Harcourt. Eland’s shareholders include Helios Natural Resources,Volantis, Julius Baer, and ING Bank.
Standard Chartered Plc foounded in 1969 is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people. It is a universal bank with operations in consumer, corporate and institutional banking, and treasury services.
The bank has its primary listing on the London Stock Exchange and secondary listings on the Hong Kong Stock Exchange and the National Stock Exchange of India.