Nigeria's foremost Online Energy News Platform

Eroton refinances its RBL debt with GTB

The Nigerian independent Eroton Exploration and Production Company Limited has successfully refinanced the facility it took from Guarantee Trust Bank to purchase the 45% of Oil Mining Lease (OML) 18 in the eastern Niger Delta.

Eroton produces around 40,000BOPD from that asset, which it took over as operator in September 2015. The state hydrocarbon company NNPC is 55% Joint Venture partner.

With a final repayment of $398Million, the RBL has been repaid in full and replaced by a new reserves based lending facility with Guarantee Trust Bank (the “GT Bank RBL”) for the same principal amount.

Source: Africa Oil & Gas Report