Nigeria’s Shoreline Natural Resources has signed a US$550mn syndicated bank guarantee and bridge facilities to support the acquisition of a 45% interest in Nigeria’s OML 30 oil field.

Standard Bank acted as mandated lead arranger (MLA) and bookrunner on the 12 plus six-month facility, while China Development Bank acted as MLA. Lead arrangers include Ecobank Nigeria and First City Monument Bank.

Standard Bank is in the process of arranging for the permanent financing to replace the bridge facility, which will be “either a reserve-based loan or other term financing”.

According to Standard Bank, this is one of Nigeria’s largest syndicated loan transactions this year.

The loan has allowed Shoreline to purchase a 45% interest in the OML 30 oil field, located in the Niger Delta, from Shell Petroleum Development Company of Nigeria, Total E&P Nigeria and Nigeria Agip Oil Company, as part of the country’s indigenisation process.

Shoreline is a special purpose company established by Shoreline Power Company and a wholly-owned subsidiary of Heritage Oil to acquire the 45% participating interest in the producing OML 30 which will make it one of the leading indigenous oil companies in Nigeria.