North Sea operator Dana Petroleum has been given a vote of confidence by the financial world after securing a $1,5billion (£920million) credit facility to fund future projects.
The agreement will refinance the company’s existing $870million (£530million) facility as the oil producer, bought by the Korean National Oil Corporation in 2010 – caps a year of exploration successes.
The facility comprises an initial $1billion, along with a further $500million which can be utilised for investment in the future, and was led by a syndicate of ten banks, including BNP Paribas and the Commonwealth Bank of Australia.
“This is a major vote of confidence in the company and our future growth plans,” said the Aberdeen firm’s chief financial officer David Crawford.
Last week Dana Petroleum revealed its Liberator find off the Moray coast could contain up to 15million barrels of crude oil, which came on the back of sucessful North Sea gas finds at Tolmount and Pharos.
The company is also eyeing ambitious plans to esablish a Central European gas hub after snapping up licences in German and Danish waters earlier this week.
“We are in a strong position to move the company forward and grow our production in the years ahead,” said acting chief executive Graham Scotton.
“Our $1.6 billion Western Isles project, in partnership with Cieco, is also well underway with drilling on schedule and the FPSO build moving ahead in China.
“This project is developing two discovered oil fields in the Northern North Sea and will bring 40,000 boepd onstream.”