Bengal Energy Ltd.
Description
Bengal Energy Ltd. has successfully negotiated an amendment to its secured credit facility with the Australian based Westpac Institutional Bank, which includes a deferment of principal payments on the credit facility. The credit facility continues to have an expiry date of December 31, 2019 and provides a borrowing base of $12.5 million, of which the full amount is currently drawn.
Concurrently with the signing of the amendment, Bengal will initiate a program to hedge approximately 15,000 barrels of crude oil from January 2019 to March 2019.