Antares Energy has executed a committed letter of offer for a debt facility of A$188.5m ($200m) from Macquarie Bank for the development of oil and gas assets in the Permian Basin, West Texas, US.
Antares will use $50m to carry out a 30-well drilling programme on the Permian Basin, which will be completed by 31 December 2012.
The drilling programme includes 24 wells in Southern Star and six wells in Big Star and Northern Star combined.
Completion of the Southern Star drilling programme will result in the entire Southern Star project being held by production.
