In May 2012 Buccaneer Energy Limited (
- US$20.0 million project finance facility ("the Facility"). The Facility is being used for capital expenditure amounts relating to the Company's Kenai Loop development including the current Kenai Loop # 4 well. The Facility was due to expire on the 16 January 2013 (US time).
- US$30.0 million revolving credit commitment ("the ACES Revolver") that gives the Company the ability to pre fund the rebates it receives under the State of Alaska ACES program.
Both the Facility and ACES Revolver are secured by the Company's Alaskan assets.
The Company has received a number of proposals from different financial institutions in relation to refinancing the above facilities. Both the Company and the financial institutions involved have been closely monitoring the results from the Kenai Loop # 4 well.
In order to fully access the Kenai Loop # 4 results, the Company and Richmond Hill have agreed to an extension to the expiry date of the Facility until 25 January 2013 (US time).
View the Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-716391.pdf
About Beam Communications Holdings Ltd
Limited Beam Communications Holdings Limited (formerly World Reach Limited) is an Australian publicly-listed company that specialises in the design, development, manufacture and distribution of satellite, cellular and dual-mode equipment, applications and services. Its products and services are adopted by some of the world's largest satellite and telecommunications companies, such as Iridium, Telstra, KDDI, Inmarsat & Thuraya, to fill the global needs of Information Communication & Technology markets. Beam Communications Holdings Limited owns 100% of Beam Communications Pty Ltd and SatPhone Shop Pty Ltd www.satphoneshop.com. For more information, visit www.beamcommunications.com.
Contact
Buccaneer Energy LimitedT: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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