Byron Energy Limited has entered into a Promissory Note with Crimson Midstream for US$15 million
January 2020 — Byron Energy Limited (Byron) has entered into a Promissory Note with Crimson Midstream Holdings LLC (Crimson) to finance the construction of a production platform.
Byron operates as an independent oil and natural gas exploration business focused solely on the shallow waters offshore Louisiana in the Gulf of Mexico and, since it made a discovery on its SM71 lease in 2017, has been a producer, with revenues approaching US$40 million in 2019. Byron recently made a further and more significant discovery on its SM58 lease with substantial reserves and prospective resources.
Crimson is a portfolio company of the global Carlyle Group. As part of the debt financing, Byron was also able to negotiate a favorably priced Oil Dedication and Transportation Services agreement with Crimson and become a preferred hedging partner. Byron has scope to expand the debt facility if required in the future as part of the strategic relationship.
Our role in the transaction
Oaklins’ team in Australia advised Byron on a number of debt proposals with the proceeds to be used to construct a production platform at SM58. Byron selected and executed an initial US$15 million loan from Crimson, a provider of oil transportation and storage services carrying 400,000 barrels of crude oil daily. The team also advised Byron on an equity raising which will enable the company to embark on a major drilling program over the next two years. Oaklins’ Australian team has been a long-term corporate advisor to Byron since its ASX listing in 2013.
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