OIL

Nido cashed up for Galoc development

NIDO Petroleum has secured a $US30 million ($A28.7 million) loan that will allow the company to fund a significant portion of its share of the Galoc phase 2 development in the offshore Palawan Basin, Philippines.

Marija Stojkovic

The three-year debt facility by Standard Bank is a reserve-based lending facility available in two tranches. The first tranche is for a maximum of $15 million and will be available before a final investment...

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