Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/drilling/tap-oil-provides-financing-and-northern-gulf-updat.shtmlTap Oil provides financing and Northern Gulf update
Tap Oil Limited is pleased to provide an update on its financing with BNP Paribas and Siam Commercial Bank, and its disputes with Northern Gulf.
Edit page New page Hide edit links
Tap Oil Limited is pleased to provide an update on its financing with BNP Paribas and Siam Commercial Bank, and its disputes with Northern Gulf.
Financing
In February 2015, Tap announced that BNP Paribas and Siam Commercial Bank had agreed to a number of modifications to, and provided Tap with a waiver from compliance with certain agreed minimum liquidity requirements in the Borrowing Base Debt Facility until 31 July 2015 so as to provide the Company with additional financial flexibility to meet its forecast financial commitments. As at 31 July 2015, Tap had repaid US$10.4m of the Borrowing Base Debt Facility debt, reducing the outstanding debt balance from US$78.9 million to US$68.5 million. The debt balance is forecast to be reduced to approximately US$40 million by the end of the year. Cash on hand as at 30 June 2015 is US$35.6m, including restricted funds held in the Borrowing Base Debt Facility accounts with BNP Paribas.
