A Sea Lion funding update from RKH this morning as the preliminary Information Memorandum has been submitted to potential senior lenders. This will form the basis of a loan application for the Sea Lion senior debt project financing and is supported by a comprehensive set of independent expert reports covering the full range of technical, reservoir, HSSE, legal and tax aspects of the Sea Lion project.
CEO Sam Moody said that ‘this is a key milestone in the project financing process for the Sea Lion development and if it is well received we anticipate moving into a phase of detailed lender due diligence and documentation during Q4 2019’.
Overall this a a genuinely important step for RKH, it is a significant step for the financing after talking to the lenders for some time so this won’t come as a shock to them, I understand that they have already appointed their own advisors for the process. It is also a strong sign of commitment from Premier as I can’t see that if the lenders say yes how it won’t then proceed.
For those of us that have followed the Falkland Basin for many years this stage of proceedings has been a long time in the making but this announcement does make me think that the project is really building up a genuine head of steam.