Tap Oil Limited has executed a USD $50 million field development facility for the Manora Oil Development in Thailand and a AUD $20 million corporate facility, both with the Commonwealth Bank of Australia (ASX:CBA).

The USD $50 million field development facility will be used solely to fund the Manora Oil Development. The facility has a tenor of four years, however, it is expected to be repaid within the first 24 months of commencement of production from Manora. The facility includes usual terms and conditions and is forecast to be drawn down in the second half of 2013.

The AUD $20 million corporate facility is split between a AUD $10 million revolving facility available for general corporate purposes and AUD $10 million as a contingency in the event of any Manora cost overruns.

Tags: Tap Oil Limited