Highlights:
- Lump-sum trade finance of US$2.7M including costs;
- Allows WHL Energy to fund the remaining seismic acquisition and early engineering work for next phase;
- Trade finance provided by New York based fund, Bergen Global Opportunity Fund validates WHL Energy’s business model.
Australian energy company WHL Energy Limited (ASX:WHN) (“WHL Energy” or “the Company”) is pleased to announce that it has entered into a trade finance agreement (the “Agreement”) with Bergen Global Opportunity Fund V, LLC (“Fund”), a New York institutional investor managed by Bergen Asset Management, LLC (“Bergen”). Under the Agreement, the Fund will provide a one-off loan of US$2.7M to the Company. WHL Energy chose to deal with Bergen due to its positive track record in the Australian market.
The funds will be used to convert into cash the Tap Oil Seismic Option (see ASX announcement 18 September, 2013) and provide for WHL Energy’s portion of the funding for the current 3D seismic acquisition. This seismic campaign will contribute towards increasing the value of the La Bella asset as it is being undertaken to not only better define the La Bella discovery, but to also test the near field prospectivity.
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