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Tethys Petroleum reaches agreement on loan facility


Published Jul 2, 2012
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Tethys Petroleum - Akkulka Exploration Block

Tethys Petroleum Limited reported that its Kazakh subsidiary had reached agreement on a USD 16.5 million loan facility.

This facility is provided by a Kazakh bank to Tethys Aral Gas, a wholly owned Kazakh subsidiary of Tethys, and is available to fund capital expenditures in Kazakhstan. It can be drawn down at any time but the company is under no obligation to do so.

This facility has a term of up to four years depending on the company's requirements and bears an interest rate of 14% per annum on sums drawn down. It is to be secured against field facilities in Kazakhstan. An initial USD 3.5 million of this facility has been drawn down.

Tags: Tethys Petroleum Limited




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