IFC Provides VAALCO Energy Revolver
VAALCO Energy announced it executed a loan agreement with the International Finance Corporation (IFC) for a $65 million reserve-based loan facility secured by the assets of the company’s Gabon subsidiary, which owns the company’s interest in the Etame Marin block.
The loan facility will be used to support the company’s development program in Gabon.
Steve Guidry, CEO, commented, “VAALCO’s strong financial position is a key competitive advantage and with this credit facility, we have significantly enhanced our financial flexibility. With the proceeds of this facility, we will invest in the continued development of the Etame Marin block, including our ongoing drilling program and the two additional production platforms scheduled for installation in 2014. We will also now have more scope to allocate operating cash flow and the cash we have on hand to invest in value accretive development, exploration and acquisition opportunities.”
Houston-based VAALCO Energy is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.