The multi-currency facility has a three-year term, containing appropriate and non-restrictive covenants, and was obtained through a competitive process.
Senex Managing Director Ian Davies said the company would continue to manage its balance sheet conservatively and has no requirement to draw down on the facility.
Mr Davies added that the implementation of the facility, combined with the company’s material cash position and recently implemented hedging program, ensures that Senex has significant available liquidity and a strong financial position leading into the 2015-16 financial year.
Senex’s oil price hedges will aim to provide revenue protection over 1 MMbbl of oil sales through a combination of put options and collars, with the hedged volume approximating expected production for the upcoming financial year from existing well stock.
These facilities have the effect of guaranteeing Brent oil floor prices over the twelve month period.