Nido Petroleum has secured a $US30 million project finance facility to fund the second phase of development at its Galoc oil field, off the coast of the Philippines.
Nido said the debt facility, with international financier Standard Bank, would provide a maximum of $US30 million for a three-year term.
Nido has a 22.8 per cent working interest in the Galoc field.
“We are very pleased to secure this funding for the Galoc Phase II development at attractive terms with Standard Bank, especially given the current uncertain market conditions for financing,” managing director Phil Byrne said.
“Now, with a significant portion of our share of the Phase II development funding in place, we look forward to reaching the FID decision point.
“This development will extend the existing production life of the field and deliver additional cash flow and value to Nido in the coming years”
Mr Byrne said the development was on schedule for first oil in the second half of 2013.
Nido stocks finished trade today on the ASX steady at 4 cents.
