Eland Oil & Gas PLC announced it has finalized arrangements for a new reserves based lending credit facility of up to $75 million. The company has executed a facility agreement for up to $75 million with Standard Chartered Bank, with the credit facility secured against OML 40 reserves. The RBL has a maturity of four and a half years, is repayable quarterly from September 2016 and has a margin of 7.75% over LIBOR.

SCB has committed $35 million of the facility and will continue to act as lead arranger for syndication of the remaining $40 million. Marketing of the syndication has already begun and completed commitments are expected in first quarter of 2015. The facility will be accessible by Elcrest Exploration and Production Nigeria Ltd, Eland's joint venture company, to continue the development of the Opuama Field in OML 40 and for Eland's general working capital purposes.

Eland expects the addition of future reserves and production growth to add to the size of the available RBL.