White & Case has advised Energean on a USD 180 million reserve-based lending facility in relation to its Greek assets provided by the EBRD, the Black Sea Trade Development Bank, Romanian Ex-Im Bank, Banca Comerciala Intesa Sanpaolo Romania, and HSBC (acting as agent and security agent). Watson Farley & Williams advised the lenders on financing designed for the development of the Prinos Basin offshore of Greece. The new facility is an amendment, restatement, and extension to an existing USD 75 million facility granted to Energean by the EBRD in 2016.
Energean now has the following two facilities from the consortium: a senior secured reducing revolving credit facility of up to USD 105 million with the EBRD and BSTDB as lenders; and a senior secured revolving credit facility of up to USD 75 million arranged by EximBank Romania with EximBank Romania and Intesa Sanpaolo Bank as lenders. The two facilities sit within an reserve-based lending structure. These facilities support Energean’s development program for the Prinos, Prinos North, and Epsilon operating oil fields, located in Sea of Thrace off the coast of northern Greece between the port of Kavala and the island of Thasos. The financing will principally fund the ongoing development of the Epsilon oil field, as part of the ongoing Prinos development program that includes drilling up to 25 additional wells and building of two additional well platforms by 2021 to materially increase production.
Watson Farley & Williams' London Oil & Gas team advising the syndicate was led by Partner Joe Levin, assisted by Associate Shaakir Daud. Tax advice was provided by Partner Tom Jarvis and Associate Edward Moore, while Finance Partner Gary Walsh and Associate Richard Smith separately advised HSBC in its capacity as agent and security agent.