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The financing of African oil is largely confined to offshore deposits. In this deal in the Republic of Congo the financing is not only for onshore production, but also it is a reserve based lending structure (RBL) and as such is one of the very few such deals to have taken place in sub-Saharan Africa. It is certainly the very first onshore RBL facility in the Republic of Congo (Congo Brazzaville).
Arranger, facility agent, bookrunner and technical bank is Natexis Banques Populaires and the client is Maurel et Prom (M&P). The facility completed in mid-November has a tenor of three years and it provides a $50 million RBL...