United Arab Emirates-based independent Dana Gas secured $100 million in financing Thursday for its Zora field development project in Sharjah, United Arab Emirates.
Emirates Bank NBD Capital leads the group granting the credit facility that includes Dubai-based Commercial Bank International, Commercial Bank of Dubai and Qatar-based Barwa Bank.
Emirates NBD Bank will act as the global facility agent, term facility agent, security agent and account bank while Barwa Bank will serve as the Murabaha investment agent for the Shariah tranche of the loan.
The financing will help Dana complete the development project and bring the Zora gas field on-stream.
Zora’s expected production capacity is 6,650 barrels of oil equivalent per day.
The term facility will be repaid over a period of 15 quarterly investments.
Repayment will start in second half of 2015 once development is complete and Zora goes on-stream. Repayment is subject to a cash sweep mechanism.
The term facility is currently scheduled to mature on November 30, 2018.
As of June, Dana has spent approximately $49 million in equity financing on the project.
The Zora gas field is located in the Shrajah Western Offshore block off the coast of the Sharjah, United Arab Emirates.
The field covers 9.6 square miles and has a water depth of about 79 feet.
The field is owned by Dana Gas.