Last week Belize Natural Energy Directors said the company needed to find $100 million to continue exploring for oil and they couldn't get it if government was varying the tax regime. Well according to today's Belize Times, BNE will get $40 million of that from the Standard Bank in New York.
The Times reports that yesterday Brian Knezeak, the senior vice-president for energy finance at Standard Bank, arrived in the country for a whirlwind tour of BNE's facilities in Spanish Lookout and Big Creek. He also met with BNE's directors, acting Prime Minister Godfrey Smith, and Petroleum Inspector Andre Cho.
Before Knezeak left, the Times reports that he gave a thumbs up to BNE's loan proposal, assuring them that standard bank is in the process of completing a loan facility for the oil industry in Belize. Sheila McCaffrey, one of BNE's directors, today refused to comment. She told us othing has been finalized and until something is, she will decline all comment.
At their press conference last week, BNE directors said the company needed to raise $100 million, $60 million, not $40 million, was to come from Standard Bank and the remaining $40 million from an investment group.
