Financed ProjectsEnergean Oil and Gas

Identification Code:

OP/17/0019

Total Operation Cost:

520.200.000

Maturity:

64 months

Operation Status:

Description and Purpose of the Operation:

Provision of a Reserves-Based Loan facility ("RBL") to Energean Oil & Gas (the "Borrower") for financing the development of additional oil reserves in the Prinos and Epsilon operating oil fields, located offshore Greece (in the Prinos-Kavala Basin) and in particular for financing required capital expenditures pertaining to drilling and additional well platforms and consolidation of the company's existing debt (the "Project"). In specific, Energean aims at exploiting its spare processing and export infrastructure capacity with a Reserves-Based Lending Facility amounting to maximum USD 180 million. The loan will be provided by BSTDB, EBRD and a Romanian Club facility. The Romanian Club facility is arranged by the Export Import Bank of Romania ("Exim Bank"). The proceeds, along with generated project revenues, will be utilized for relevant project capital expenditures, general and administration costs and project operating expenses taxes and royalties, financing fees, partly refinancing of existing EBRD debt underwritten in 2016 and other project related purposes. The purpose of the Operation is to support a well-established Greek exploration and production (E&P) company in the operation of oil and gas in the Hellenic Republic.

Countries of Operation:

Greece (100,00 %)

Financial Product:

Loans

Sector:

Energy

Domain:

Private

Borrower/Client:

Energean Oil & Gas

Co-Financiers/Participants:

EBRD and Export-Import Bank of Romania and other potential parties.

Guarantors/Sponsors:

Energean E&P Holdings Ltd (Cyprus).

Developmental and Regional Cooperation Impact:

Apart from bringing profitability to the company, the operation shall also assist the Hellenic Republic to develop exports. The operation will further contribute to the developments of the local economy, boost investment, create new employment and generate additional tax and royalty revenues for the State budget.

Environmental Classification and Impact (summary):

E&S Category A Operation. The ESIA carried out by the Borrower is in line with Hellenic, EU and EBRD's E&S requirements. The Information Disclosure Summary (IDS) of the operation was publicly disclosed by BSTDB on Aug 4, 2017 and is in the public domain for easy access by any interested party. According to the E&S disclosing procedure for Category A operations, BSTDB disclosed the ESIA package on its website after signing the Mandate Letter with Energean and before final credit committee approval.

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org