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Seven Energy secures $50 million-plus in funding

29 June 2015, 16:35Okoro Chinedu

Lagos - Seven Energy International Limited, the independent Nigerian integrated oil and gas company, said it had secured debt funding to the tune US$52 million to finance its operations.

The company stated that it together with certain of its wholly-owned subsidiaries had entered into two separate debt facilities, each with a sole lender, both of whom are prominent European institutions, for a combined debt, with up to a six year tenor.

The facilities will be used to fund the Group’s ongoing development projects and working capital requirements.

“These facilities will rank pari passu for security with, and have substantially the same covenants as, the Senior Secured Loan Notes issued in October 2014,” the company stated.

Also Read: Permit delays, pipeline problems lower oil revenues

Seven Energy is an integrated oil and gas exploration, development, production and gas distribution company founded in 2004.

With the backing of strategic long-term investors and main offices in Lagos and London, the Group has a unique focus on the emerging Nigerian domestic gas market.

The Group's upstream assets include licence interests in the Uquo Field and the Stubb Creek Field (south east Niger Delta), an indirect interest in OMLs through a Strategic Alliance Agreement with Nigerian Petroleum Development Company (north west Niger Delta) and licence interests in OPL 905, 907 and 917 (Anambra basin).

Its midstream infrastructure assets, focused in south east Niger Delta, include the 200 MMcfpd Uquo gas processing facility and a gas pipeline network of 227 km with distribution capacity of 600 Million standard cubic feet per day (MMcfpd).

- CAJ News


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