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Tuesday, 02 December, 2008, 03:50 GMT | more >>

Petrolifera gets credit boost



By Upstream staff 

Calgary-based Petrolifera Petroleum said today it had established and closed a three-year $100 million revolving credit facility to be provided by Standard Bank.

The reserve based facility will have an initial availability and total commitment of $60 million.

The level of committed initial availability was based on Petrlifera’s oil and natural gas reserves at 31 December 2006, as assessed by GLJ Petroleum Consultants.

The remainder of US$40 million may be available if the bank determines the oil and natural gas reserves of the company support additional lending amounts.

Petrolifera said it expects to continue its budgeted programmes over the next several months without accessing the new funds.


Thursday, 06 September, 2007, 02:51 GMT  | last updated: Thursday, 06 September, 2007, 04:02 GMT

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