The Alaska Industrial Development and Export Authority (AIDEA) Board approved a resolution that authorizes AIDEA to provide a loan of up to $7.5 million to HEX for a natural gas production project in the Kenai Peninsula Borough. The loan to HEX is in support of the company's bid to acquire the Kitchen Lights offshore unit and related infrastructure out of bankruptcy from Furie Operating Alaska.

Funding will be used for acquiring and developing the Beluga and Sterling Formations within the Kitchen Lights Unit, along with existing infrastructure including a 15-mile subsea pipeline...

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