Otto Energy fully repays BNP Paribas financing facility (Scandinavian Oil-Gas Magazine)

Otto Energy fully repays BNP Paribas financing facility

Published Jul 2, 2014

Otto Energy Ltd has fully repaid the BNP Paribas financing facility, which was put in place in December 2012 to fund Otto's share of the Galoc Phase II development.

The Galoc oil field production performance in the first half of 2014 has been strong and, together with strong realised prices for Galoc crude, has allowed the accelerated repayment of this facility. The facility had tenor of December 2015 and was fully drawn to US$35.9 million in December 2013.

Tags: Otto Energy Limited

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