Offshore Norway Exploration Plan Gets Funding
The 3 year facility is put in place to finance Atlantic Petroleum’s planned Norwegian exploration and appraisal programme on the offshore Norwegian Continental Shelf
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.”