London-listed Heritage Oil and Shoreline Power's venture Shoreline Natural Resources holds a 45% economic interest and 68.25% economic interest in OML 30, which is operated by Nigerian National Petroleum Corporation on a 55% stake.
Shoreline Natural Resources has secured a five-year senior secured revolving reserves-based facility worth $500 million which can be increased up to $600 million.
Heritage Oil chief executive Tony Buckingham said that “the strong syndicate of local Nigerian lenders combined with the improved borrowing cost and structure reflects the significant cash flow generation” generated by OML 30.
Most
