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Clutz advises on $US30 million borrowing

Clutz advises on $US30 million borrowing

Clayton Utz has acted on Nido Petroleum Limited's facility to fund Galoc oil field Phase II development, located in the offshore North West Palawan Basin in the Philippines.

Firms: Clayton Utz (Nido Petroleum), Herbert Smith Singapore

Deal: Senior secured borrowing base facility of up to $US30 million provided by Standard Bank

Area: Corporate banking

Value: $US 30 million

Key players: Clayton Utz banking partner Rohan Mishra (pictured) led the firm's team, which included senior associate Kate Casellas and lawyer Amanda Bedford

Deal significance: The facility will fund a significant portion of Nido Petroleum Limited's share of funding for the Galoc oil field Phase II development, located in the offshore North West Palawan Basin in the Philippines.

Mishra said the transaction reflected the ability of oil and gas exploration and production companies to secure funding on attractive terms for projects, despite the current uncertain market conditions for financing.

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