Hibiscus Petroleum’s jointly-controlled entity Lime Norway has secured an increase in the financing facility from NOK 300 million ($38.21 million) to NOK 700 million ($89.15 million).
Lime Norway is a wholly-owned subsidiary of Lime Petroleum PLc (Lime). Lime is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.
The facility was obtained from Skandinaviska Ensklida Banken AB (SEB) and it will be used to fund Lime Norway’s drilling programme in 2015.
According to Hibiscus Petroleum, the SEB facility was first secured in December 2013.
The 2015 drilling plans of Lime Norway:
Lime had to-date injected total funds into Lime Norway of approximately $35 million (NOK 282 million). Lime Norway was accorded pre-qualification status as a licensee in Norway in February 2013, which endorses Lime Norway as a qualified oil and gas player in Norway, allowing the company to directly assume participating interests in partner-operated licenses in Norway, in addition to facilitating its receipt of a cash tax refund of 78% of exploration costs annually.