Pandion Energy has entered into an amendment agreement with BNP Paribas and Skandinaviska Enskilda Banken AB (publ) (SEB) for the extension of its existing NOK 400 million Revolving Exploration Finance Facility (EFF). The availability period of the EFF has been extended from 31.12.2019 to 31.12.2020.
Chief Executive Officer Jan Christian Ellefsen of Pandion Energy says in a comment:
“Following the COVID-19 pandemic outbreak, managing financial risk has been a high priority. Extending the EFF is a highly cost-efficient measure which strengthens our liquidity reserves and allows us to continue searching for and acting on attractive exploration and appraisal opportunities across the shelf. In this way, extending the EFF is not only about reducing risk, but also enabling the company to create value during a very challenging period for the industry.”
In addition to the EFF, Pandion Energy’s capital structure consists of a Reserve Based Lending Facility (RBL) of USD 150 million and a Senior Unsecured Bond Loan of NOK 400 million, as well as injected and committed, undrawn equity capital of total USD 190 million.
For further information, please contact:
Jan Christian Ellefsen
CEO Pandion Energy
tel: +47 91 74 48 99
