Nigerian energy group Oando said on June 6 it has secured a 94.6 billion naira (US$475 million) loan facility from a group of domestic banks, and will sell assets worth US$350 million this year under plans to restructure its finances and return to profitability.
The financing led by Access Bank includes Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.
The facility is a five-year term loan, paying Nigerian interbank rate plus 200 basis point. (US$1= 199.00 naira)
Recommended Reading
EOG Resources Wildcatting Veteran Billy Helms to Retire
2024-04-02 - Joining an EOG Resources predecessor in 1981, Helms is among the pre-1986-oil-bust generation who later found success in shale.
The One Where EOG’s Stock Tanked
2024-02-23 - A rare earnings miss pushed the wildcatter’s stock down as much as 6%, while larger and smaller peers’ share prices were mostly unchanged. One analyst asked if EOG is like Narcissus.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.