Philippines, 28th October 2024 – Matahio Energy has announced a new partnership with Kadita Partners, a private credit firm specialising in Southeast Asia’s strategic growth sectors, which will see its Philippines offshore operations become more resilient, through the raising of a working capital facility with Kadita.
This working capital facility will bolster Matahio’s ability to optimise the Group’s cash flow, allowing increased flexibility in how self generated funds are used and re-invested in the Philippines market and beyond in Southeast Asia.
Commenting on the deal, Matahio’s CCO Stephane Bigard said, “Matahio is pleased to announce this financial partnership with Kadita. The debt facility is critical to the resilience of Galoc and a key component of Matahio’s late-life strategy for the field. Further, it adds flexibility to Matahio’s cash flow management, a cornerstone to managing our business. We look forward to building on this milestone, and furthering our areas of collaboration with Kadita.”
Xavier de Nazelle, Managing Partner at Kadita Partners, shared, “Matahio’s innovative and efficient approach to managing late-life assets, coupled with their dedication to operational reliability and resilience made this an ideal investment for us. We are confident that this facility will enhance an already sustainable business and support future growth.”
The Galoc field, which is part of Service Contract 14C-1, located 60km off Palawan Island, Philippines, has been in production since 2008. Since taking over as Operator in late 2018, the Matahio team have halved the asset’s operating costs, extending the field life into the late 2020’s.