Perth, Australia-based Samson Oil & Gas Ltd. (ASX: SSN.AX; NYSE MKT: SSN) updated its credit agreement with Mutual of Omaha Bank, the company said June 16. The borrowing base of the credit facility was increased to $15.5 million, the company said.
The $25 million, three-year term facility opened in January with an $8 million borrowing base, Samson said, noting that $6 million has been drawn. There is now $9.5 million available for immediate drawdown, the company added, noting that no funds should be drawn until the third quarter of 2014. These funds will support development drilling in North Stockyard and Rainbow, Samson said.
The additional borrowing base was developed from a March report on proved reserves, which were estimated to have a net PV-10 value of $47 million, the company said.
Total liquidity is $17.3 million, the company said.
Samson Oil & Gas Ltd. explores and develops U.S. oil and natural gas.
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