KrisEnergy has transferred its revolving credit facility to a single lender, DBS Bank.
In an announcement on Friday, the upstream oil and gas company says that as a result, its previous requirements for the facility’s repayment and cancellation of US$55 million ($74 million) by July 29 and for raising minimum new capital of US$100 million and US$50 million by June 30 and November 30 this year, will no longer apply.
The facility is secured by KrisEnergy’s producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.
In a separate filing today, the company announced the retirement of its CEO Keith Cameron, who was a founding director of the company.
Jeffery S. Macdonald, a non-executive independent director of the company since 2009, will be taking over as interim CEO effective today until a successor has been appointed.
The company says Cameron, 69, will continue as an advisor to Macdonald, who will become an executive director.
A transition committee chaired by Will Honeybourne, the company’s non-executive chairman, has been established to provide advisory support to Macdonald.
Additionally, KrisEnergy says its investment committee has been dissolved.
KrisEnergy shares closed 1.34% lower at 14.7 cents on Thursday.
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In an announcement on Friday, the upstream oil and gas company says that as a result, its previous requirements for the facility’s repayment and cancellation of US$55 million ($74 million) by July 29 and for raising minimum new capital of US$100 million and US$50 million by June 30 and November 30 this year, will no longer apply.
The facility is secured by KrisEnergy’s producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.
In a separate filing today, the company announced the retirement of its CEO Keith Cameron, who was a founding director of the company.
Jeffery S. Macdonald, a non-executive independent director of the company since 2009, will be taking over as interim CEO effective today until a successor has been appointed.
The company says Cameron, 69, will continue as an advisor to Macdonald, who will become an executive director.
A transition committee chaired by Will Honeybourne, the company’s non-executive chairman, has been established to provide advisory support to Macdonald.
Additionally, KrisEnergy says its investment committee has been dissolved.
KrisEnergy shares closed 1.34% lower at 14.7 cents on Thursday.
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