Rex unit gets extension of 400m Norwegian kroner credit facility

A UNIT of energy firm Rex International Holding has secured an extension of a 400 million Norwegian kroner (S$66.5 million) credit facility, Rex said in a Singapore Exchange filing on Tuesday.

Lime Petroleum Norway's credit facility from Skandinaviska Enskilda Banken has been extended for two more years from December 2016, Rex said.

It said the facility was first secured in December 2013 and renewed in March 2015, and has already been reduced from 700 million kroner to 400 million kroner.

Rex chief executive officer Mans Lidgren said this was a "bridging" credit facility and that it was "100 per cent backed by tax refund receivables from the Norwegian government for 78 per cent of exploration costs", adding that the group has no long-term loans and borrowings.