INVESTOR BRIEF SECURED MEDIUM TERM DEBT FOR NIGERIAN OIL & GAS COMPANY
Sector Oil & Gas
Geography Nigeria
Funding $10 million in medium term debt payable over 5 years.
Use of Funds Complete drilling of two wells on operational oil field. The cost of the drilling campaign is $28 million of which the Company will contribute $18 million.
Interest Rate TO BE DETERMINED
Security The loan will be admitted into an All Asset Debenture currently being held by a Nigerian Bank. The Debenture secures $5.3 million in other debt, which will be repaid by YE 2016. At YE 2015, the Borrower had net assets in excess of approximately $252.1 million.
Company Background The borrower, which operates an oil field in Delta State, Nigeria, is a joint venture of two Nigerian upstream oil & gas companies. The borrower has Liquid Reserves of 6.22 MMBbl and Gas Reserves of 73.86 Bscf.
Financial Highlights Below are some financial highlights for the borrower:
  2015 ($) 2014 ($)
Revenue 36.3 million 59.4 million
Profit Before Tax 12.6 million 7.3 million
EBITDA 21.0 million 29.3 million
Net Assets 252.1 million 219.2 million
More Information Additional information made available upon request.
Contact For more information, please contact: Mansur Nuruddin at mansur@mncapital-africa.com