Sunbird Energy Secures Loan for South Africa Gas Project
Southern African focused and Australia listed gas explorer Sunbird Energy has secured a A$5 million loan from White Swan Nominees Pty Ltd for development of Ibhubesi gas project in South Africa.
“Having executed the Eskom gas supply MoU in late December 2013, this funding facility provides us with the capital required to mature the engineering work program while negotiating the gas sales agreement that underpins the development of the Ibhubesi gas Project and unlocks the value of our significant reserves base,” Sunbird’s Managing Director, Will Barker, said.
The funding demonstrates the continued strong support of major shareholders for Sunbird and our plans to bring the Ibhubesi Gas Project to commercialisation in 2014, he added.
The Loan Facility will be utilized to advance the Ibhubesi Gas Project development and commercialisation activities including:
- Progression of the Gas Sales Memorandum of Understanding (MoU) with Eskom;
- Negotiation of a GSA;
- Completion of a upside resource assessment for the Block 2A Licence;
- Completion of the Field Development Plan;
- Commencement of FEED;
- Advancement of funding and partnering opportunities; and
- FID in early 2015.
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