Monday November 16, 08:22 AM
UPDATE 1-Serica renegotiates credit facility
* Enters into a new $100 mln revolving credit facility
* Facility to refinance outstanding debt on Kambuna field
(Adds details)
Nov 16 (Reuters) - Oil and gas explorer Serica Energy Plc (LSE: SQZ.L - news) said it entered into a new $100 million senior secured revolving credit facility to replace its existing facility of a similar amount.
The facility is mainly to refinance the company's outstanding borrowings on the Kambuna field, offshore Sumatra, Indonesia.
Serica and Salamander Energy Plc (LSE: SMDR.L - news) each have half working interest in the Kambuna project, which began production of gas in August.
The facility, meant for a term of three years, will also be used to finance the development of the Columbus field in UK Central North Sea and for general corporate purposes.
Shares of the company closed at 50 pence on Friday on the London Stock Exchange (LSE: LSE.L - news) .
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Anil D'Silva) Keywords: SERICA/
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