Providence Resources has agreed a $250 million line of credit with the Australian bank Macquarie.
Tony O'Reilly jnr's oil and gas exploration company said the new facility will refinance and re-place the $50 million revolving line of credit agreed between Providence and Macquarie in February 2006.
Under the terms of the facility, $25 million will be made available at closing to supply general working capital, fund the balance of the Singleton oil well acquisition and provide funds to drill and complete wells on existing assets.
The remaining $225 million will be made available, at Macquarie's discretion to fund oil and gas acquisitions, investments and development opportunities as they arise.
The facility has a term of 5 years to December 2012, replacing the current financing facility, which was due to mature in April 2010.
