Exploration group Tullow Oil has revised its $330million Norwegian loan facility ahead of its planned North Sea operations.
The refinancing of the loan, originally arranged for Spring Energy before its acquisition by Tullow at the start of 2013, will provide pre-funding for around 75% of the firm’s planned exploration and appraisal in the Norwegian Continental Shelf, the company claims.
The firm has also increased the size of the facility to $500million and extended its availability to the end of 2017, from the previous deadline of December this year.
“The significant oversubscription demonstrates the strength of our banking relationships and our ability to access debt capital markets,” said Ian Springett, chief financial officer at Tullow Oil.
“We remain in an excellent position to fund all our activities across the portfolio with strong liquidity and considerable financial flexibility.”
