Friday, February 26, 2010

AED secures financing for Indonesian acquisitions

AED Oil Limited has entered into two new financing facilities and repaid its maturing convertible notes. AED now has long term finance in place to fund its expansion into South East Asia through the acquisition of interests in Brunei and Indonesia. AED has previously entered into acquisition of two blocks in Indonesia, Rombebai and South Madura.
Highlights of the refinancing are: (1) The issue of new convertible notes to the value of US$20 million and an option if funds are required and subject to certain circumstances to issue further New Convertible Notes to the value of US$10 million; (2) A$20 million general purpose loan facility with Deutsche Bank AG, and (3) US$27.5 million 6.5% convertible notes repaid. AED has cash balance of about A$50 million in addition to these new financing facilities.
The oil and gas gas assets purchased are controlled by two Indonesian businessmen.




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