Published: January 12, 2015
StanChart helps oil and gas company raise US$75mn to develop Nigerian block.
Eland Oil & Gas, a London-listed oil and gas exploration company with assets in Nigeria, has struck a US$75mn reserves-based lending credit line.
The loan is secured against reserves from Eland’s OML 40 licence area. The facility has a maturity of four and a half years and a margin of 7.75% over LIBOR. Standard Chartered Bank has committed US$35mn and will act as lead arranger for the syndication of the remaining US$40mn, a process already underway.