Atlantic Petroleum’s fully owned Norwegian subsidiary Atlantic Petroleum Norge AS has entered into a NOK 300MM bank credit facility with DnB to finance the Company’s growth plans in Norway.
The 3 year facility is put in place to finance Atlantic Petroleum’s planned Norwegian exploration and appraisal programme.
Under the terms of the credit facility, approx. 74% of all the Company’s exploration, appraisal and supporting expenditure in Norway will be met by DnB, thereby substantially increasing the Company’s capital available for investment in Norway activity. The facility will be fully repaid by funds received from the Norwegian Government under the 78% cash back regime in relation to all exploration and appraisal cost on the Norwegian Continental Shelf.
Ben Arabo, CEO, commented:
“The Exploration finance facility is an important step in Atlantic Petroleum´s growth strategy for Norway. We look forward to extending our current Norwegian asset base and building a high impact exploration and appraisal programme in the time to come.”
Press Release, March 7, 2013