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Zargon Oil & Gas Ltd. has renewed and extended its committed syndicated credit facilities with a borrowing base of $70 million, down from $88 million.
The credit facilities are now fully revolving until September 22, 2016, with the provision for a nine month extension at the option of the lenders and upon request from Zargon.
This reduced borrowing base compares with Zargon's outstanding bank debt of $64.6 million at March 31, 2016.
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