Eland Oil & Gas satisfied all conditions precedent to access US$22 million loan facility (Scandinavian Oil-Gas Magazine)

Eland Oil & Gas satisfied all conditions precedent to access US$22 million loan facility

Published Dec 8, 2014

Eland Oil & Gas has satisfied all the conditions precedent to access its US$22 million loan facility (the "Facility") with Standard Chartered Bank.

Drawdown of the Facility is now available to the Company to allow Elcrest Exploration and Production Nigeria Ltd (Elcrest), Eland's joint venture company, to continue to develop OML 40.

The Company has mandated Standard Chartered Bank to coordinate its $75 million reserve based lending facility and is targeting signing the facility by year end.

Tags: Eland Oil & Gas PLC

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Eland Oil & Gas satisfied all conditions precedent to access US$22 million loan facility

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