Daily News: August 15, 2014

Westpac Provides $25MM Facility to Bengal Energy

Bengal Energy announced it has agreed on final credit approved terms for its $25.0 million secured credit facility with Westpac Institutional Bank. Bengal said it anticipates final closing of the facility agreement to occur within the next three weeks subject to the satisfaction of the usual closing conditions, including a final due diligence review.

The facility contemplates a borrowing base of up to $25 million to be secured by the company’s producing assets in the Cuisinier field in Australia’s Cooper basin, over a three year term at a commercial margin over USD Libor.

Alberta-based Bengal Energy is an international oil and gas exploration and production company with producing and prospective light oil-weighted assets in Australia and India.