Swedish independent Lundin Petroleum has secured a NOK 4.5 billion ($603 million) loan from a group of ten international banks.
The loan, described by Lundin as Exploration Refund Facility (ERF), is secured against the tax refunds generated from Lundin Norway’s exploration and appraisal activities on the Norwegian Continental Shelf and extends for a period of two years.
Mike Nicholson , CFO of Lundin Petroleum said: “ Lundin Petroleum has a strong balance sheet with multiple sources of access to liquidity to fund our forward development and exploration program. The new Norwegian ERF is a low cost source of funding which provides us with an additional source of liquidity, particularly in a low oil price environment.”