Dana Gas on Tuesday announced that it has secured, through its wholly owned subsidiary Dana Gas Explorations, a $100 million financing deal for the Zora Field Development Project.
This facility will contribute the debt component of the financing needed to complete the offshore project and bring the Zora gas field on-stream, the UAE-based company said in a statement.
The credit facility will be provided by Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank, it added.
The repayment for the financing is over a period of 15 quarterly investments and will commence in the second half of 2015 on completion of the project and gas production goes on stream, subject to a cash sweep mechanism.
It is currently scheduled to mature on November 30 2018.
Dr Patrick Allman-Ward, CEO of Dana Gas said: “This financing agreement demonstrates the confidence leading banks and financers have towards the Zora project.
“The project work is proceeding as per plan and we remain committed towards bringing the project on-stream in the first half of 2015. Natural gas produced from the field will provide a much needed source of clean energy for the benefit of the Northern Emirates of the UAE.”
The Zora Gas Field, which spans the territorial waters of Sharjah and Ajman, comprises a tilted fault block structure with a closure of some 25 sq km.
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