Byron Energy signed Secured Promissory Note with Crimson Midstream to borrow US$15 million

  • Dec 04, 2019 AEDT
  • Team Kalkine

Byron Energy Limited (ASX: BYE) has signed a binding Secured Promissory Note with Crimson Midstream Operating, LLC to borrow US$15 million which will be used to fund the construction of the production platform at SM58. Crimson Midstream is a portfolio company of The Carlyle Group.

Apart from this, the company has also signed a long-term Oil Dedication and Transportation Services Agreement with Crimson Gulf for the transportation of oil at a per barrel rate.

There is also an option to increase the US$15 million borrowing amount based on the future production performance.

At AEST: 1:52 PM, BYE shares quoted $0.280.


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