The proposed Bangchak facilityagreement is for up to USD$120 Million with an initial
interest rate of 6% per annum plus LIBOR. The interest rate increases by 2% annually with
a maximum rate of 12% plus LIBOR. The security package for the loan which is conditional
upon shareholder and other approvals involves a second ranking charge over the
Company’s account for the receipts from Galoc production. The Company intends to seek
shareholder approval for the loan security package at its next Annual General Meeting in
2015.
Nido has gone from debt free to $108million dollar loan which is variable from 2% - 12% at 6% interest that's 6.4 million dollars. According to my calculations we would be lucky to break even , even before we start to pay the loan. From memory we need $80/barel to make $40 profit. At these prices Bangchak gets cheap oil and drives Nido into debt.
Chass
The proposed Bangchak facilityagreement is for up to USD$120...
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