The company is also part of a consortium that announced today that it had won two new blocks in Yemen. The other consortium members are Oil Search and Adelphi Energy – the sister company of Voyager’s soon to be merger partner Arc Energy.

The BOS facility is unrelated to Voyager’s merger with Arc Energy. Indeed, some of those funds are likely to be drawn down before the Arc merger is completed.

Arc has also agreed to give Voyager access to up to $3.5 million through an unsecured convertible note.

The BOS facility will be secured by a first ranking fixed and floating charge over the assets of Voyager and its subsidiaries.

Voyager managing director John Begg said the funding arrangements would allow the company to fully fund its current Australian projects regardless of whether the Arc merger was completed.

“We are, however, very pleased with the market response to the announcement of the merger and expect that, in the absence of a higher offer, it will proceed,” he said.

Voyager’s share price has leapt about 5c since the scrip-based merger was announced on June 20 to its current level of about 31c. But towards the end of May the company’s price was languishing around 19c.

The merger will bring together onshore and offshore Perth Basin specialist Voyager with onshore Perth Basin player Arc.

Under the merger plan Voyager shareholders will receive one Arc share for every six Voyager shares they own.

The Yemeni win gives Voyager a share of the spoils from Blocks 7 and 74. Block 7 is in the eastern part of the prolific onshore Shabwah Basin. That basin boasts production of about 120,000 barrels of oil per day, mostly from Blocks 18 and 20.

Block 74 is in the Masila Basin which is producing about 250,000 bopd, mainly from Block 14.