Calyx Energy, an independent exploration and production company operating in the northern Arkoma Basin, faced the pressing need for additional financing to complete 8 drilled but uncompleted (DUC) wells and bolster operational liquidity. Engaging Opportune LLP on behalf of its lender group, Calyx sought financial advisory services to assess its business plan and 13-week cash flow forecast, essential for securing a Term Loan financing.
Opportune conducted a comprehensive review of Calyx's business plan model, focusing on proposed adjustments, risks, and potential upside. Additionally, Opportune performed a detailed analysis of the 13-week cash flow forecast, including week-to-week variance assessments and working capital summaries. These analyses provided crucial insights for the lender group, facilitating the approval of an additional $30.0 million under the Term Loan to complete the DUC wells and support short-term liquidity needs. Key procedures included optimizing the business plan model, identifying risks and opportunities, and presenting multiple business plan scenarios to assess profitability and cash flows post-DUC well completion. Regular meetings between Opportune, Calyx, and the lender group ensured alignment and timely decision-making.
When you choose Opportune, you gain access to seasoned professionals who not only listen to your needs, but who will work hand in hand with you to achieve established goals. With a sense of urgency and a can-do mindset, we focus on taking the steps necessary to create a higher impact and achieve maximum results for your organization.
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