Gulf Oil and Gas accountACCOUNT

Lundin Petroleum Secures Further Bank Financing

Source: www.gulfoilandgas.com 3/21/2016, Location: Europe

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that it has entered into a committed short term revolving credit facility (RCF) of USD 300 million and received additional commitment s of USD 135 million under the reserve-based lending (RBL) facility accordion.

With this additional commitment under the RBL of USD 5 billion Lundin Petroleum now has a total firm commitment of USD 4.438 billion. These credit facilities provide further financial flexibility to fund Lundin Petroleum's growth projects in Norway.

The RCF facility has a six month term, with an option to extend for a further three months.

Mike Nicholson, Chief Financial Officer of Lundin Petroleum comments: "We are very pleased to complete the RCF with a group of Nordic financial institutions and secure additional commitments under the RBL accordion. Given our recently announced RBL refinancing and these new commitments we do not expect to draw under the RCF.

However, we consider it prudent to secure additional liquidity following continued oil price volatility.

Lundin Petroleum remains in a very robust financial position with production levels set to double in 2016 and strong cash flow generation down to very low oil prices.”

Financials and Investment News in Norway >>

Iraq >>  12/10/2019 - United Arab Emirates-based energy firm Crescent Petroleum has invested over $3 billion in Iraq over the last 10 years. ...
Saudi Arabia >>  12/9/2019 - The proceeds from Saudi Aramco's record initial public offering have risen to $29.4 billion after the oil company exercised an option to sell 15% more...

Egypt >>  12/8/2019 - Egypt’s spending on fuel subsidies dropped by about 69% year on year to EGP 7.25 billion ($451 million) in July-September, Petroleum Minister Tarek El...
Saudi Arabia >>  12/8/2019 - Saudi oil behemoth Aramco has set a share price that will value the company's initial public offering (IPO) at $25.6 billion (€23 billion), making it ...

United States >>  12/4/2019 - Byron Energy has signed a binding Secured Promissory Note with Crimson Midstream Operating, a portfolio company of The Carlyle Group, to borrow an ini...
United Kingdom >>  12/2/2019 - UK Oil & Gas PLC has raised £2 million ("Proceeds") from a single institutional investor through a placing ("Placing") of 235,294,117 new ordinary sha...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.