Sunbird Energy has secured a US$5mn loan from an Australian investor for the commercialisation of its offshore Ibhubesi Gas project in South Africa
The explorer said that the funds by White Swan Nominees Pty Ltd will be used for the engineering work programme while negotiating the gas sales agreement with the state-owned power utility Eskom.
The programme consists of the completion of an upside resource assessment for the Block 2A Licence, completion of the field development plan and the commencement of front end engineering and design (FEED).
Ibhubesi is reportedly South Africa’s largest proven gas field, held under joint venture with PetroSA that holds 24 per cent. Sunbird Energy owns 76 per cent. It has proved and probable reserves of 15.2bn cubic metres of gas and 4.3mn barrels of condensate.
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Sunbird Energy to takeover South Africa’s offshore licence share
