Group news

Perenco, one of the leading European independent oil & gas companies, is pleased to announce that it has signed a US$2.8 billion Reserves Based Lending (RBL) Facility.

The RBL facility is capped initially at US$1.8 billion and is split between a Senior Secured Revolving Reducing Borrowing Base Facility of US$1 billion and a Senior Secured Standby Letter of Credit Facility of £500 million.

The tranche of US$1 billion, with an option to increase up to US$2 billion, will primarily be used for Perenco's continuing growth by funding appropriate new acquisition opportunities that complement the existing portfolio. A smaller proportion of proceeds could also be used for further developing Perenco's current world class assets.

The Facility is provided by Bank of Scotland, BNP Paribas, Citibank, Credit Agricole Corporate & Investment Bank, ING, Natixis, Société Générale, Standard Chartered, The Bank of Tokyo-Mitsubishi UFJ and The Royal Bank of Scotland.

Jean-Michel Jacoulot, Chief Executive Officer, commented:

"I am very pleased to have agreed the Reserves Based Lending Facility, the proceeds of which will ensure that we have the financial flexibility to capitalise quickly on appropriate opportunities as and when they arise. Perenco continues to go from strength to strength and this facility will also ensure that we continue to be able to develop and maximise the potential of our existing acreage in all of the sixteen countries in which we are currently active."