Tullow refinances its Norwegian exploration loan facility



Tullow Oil has refinanced its NOK2bn (€245m) Norwegian exploration loan facility, increasing it to NOK3bn.

The credit facility, which has been extended out until 2017, replaces an earlier one arranged for Spring Energy before its acquisition by Tullow.

DNB and SEB acted as bookrunners and coordinating banks for this facility which was significantly oversubscribed.

 “This NOK 3 billion facility provides pre-funding for approximately 75% of our exploration and appraisal investment on the Norwegian continental shelf,” said Ian Springett, chief financial officer, Tullow Oil.

“The significant oversubscription demonstrates the strength of our banking relationships and our ability to access debt capital markets. We remain in an excellent position to fund all our activities across the portfolio with strong liquidity and considerable financial flexibility.”