Deals

Eland Oil & Gas Plc USD75m Reserve Based Lending

Oct 31, 2018

Stanbic IBTC Capital Limited (‘SICL’) and Standard Advisory London Limited (“SALL”) was mandated as Refinancing Coordinating Bank to arrange up to USD200 million for the development of the Opuama and Gbetiokun fields. SICL was also appointed as the Technical & Modelling Bank on this refinancing.

Stanbic IBTC Trustees Limited was appointed as the Facility and Security Agent. Stanbic IBTC Bank PLC, alongside Mauritius Commercial Bank participated in the refinancing and upsize of the Reserve Based Lending (‘RBL’) Facility. 
SICL leveraged the expertise and experience of other entities within the Standard Bank Group to ensure a seamless execution of the transaction. 

Eland Oil & Gas Plc (‘Eland’) was founded in 2009 and listed on AIM, a sub-market of the London Stock Exchange, in September 2012. Eland is an upstream oil and natural gas exploration and production company that focuses on West Africa with operational offices in Nigeria and Scotland. Through its joint venture company, Elcrest Exploration & Production Nigeria Ltd (‘Elcrest’), Eland acquired an interest in the Oil Mining License (‘OML’) 40 in the Niger Delta in 2012. In 2014, the company acquired a 40% stake in a second license, Ubima field which has been carved out of OML 17. 

Gross production from OML 40 was ~30,000 bopd as at January 2019 (approx. 13,500 bopd net to Eland), with production volumes coming from the Opuama field. Elcrest are now undertaking the early development of the Gbetiokun field. 

The transaction demonstrated Standard Bank’s ability to structure, coordinate and execute innovative financial solutions for clients. It also underpins Standard Bank’s status as the go-to bank for indigenous oil and gas companies looking to advance their business.

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