Petroceltic International, an upstream oil and gas exploration company, has obtained a US$500m financing facility. The facility is split into two tranches, a US$375m borrowing base tranche guaranteed against assets located in Bulgaria and Egypt; and a US$125m development finance tranche in connection with the Ain Tsila gas condensate field in Algeria. The debt is being provided by HSBC, Nedbank, Standard Chartered and the International Finance Corporation.

Operis undertook an audit of the financial model for the transaction on behalf of Petroceltic and the lenders.

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Erwan Fournis
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