Africa Oil investee Prime gets six-year C$1.05 billion RBL facility

By Wendy Van Sickle

Columbus, Ohio, June 20 – Africa Oil Corp. said its partially owned company Prime Oil & Gas Cooperatief UA closed its debt refinancing, obtaining a new six-year reserves-based lending facility in a principal amount of C$1.05 billion, according to a news release.

The new RBL facility refinances an existing RBL facility and a pre-export finance facility, which two facilities had a total C$720.3 million outstanding.

Additionally, Africa Oil said the lenders in its standby credit facility, which is currently undrawn, confirmed an increase in the available facility amount to C$200 million from C$100 million.

Africa Oil, an oil and gas exploration and development company based in Vancouver, B.C., has a 50% shareholding in Prime.

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