Tullow refinances Norwegian loan facility

RNS Number : 5377J

Tullow Oil PLC

13 June 2014

 



News Release

Tullow refinances its Norwegian exploration loan facility

13 June 2014 - Tullow Oil plc (Tullow) is pleased to announce that it has refinanced its NOK 2 billion (ca. $330 million) Norwegian exploration loan facility and that it has successfully increased the size of the facility to NOK 3 billion (ca. $500 million) and extended the availability to the end of 2017.

The arrangement is a fully committed revolving credit facility, and replaces the previous facility, arranged for Spring Energy before its acquisition by Tullow, whose availability was due to expire in December 2014. DNB and SEB acted as Bookrunners and Coordinating Banks for this facility which was significantly oversubscribed.

Mandated Lead Arrangers are DNB and SEB, Senior Lead Arrangers are BNP Paribas, Sparebank1 SR-Bank and Swedbank, Lead Arrangers are ABN Amro, Bank of America Merrill Lynch, Commonwealth Bank of Australia, Credit Agricole Corporate & Investment Bank, Danske Bank, Deutsche Bank, HSBC Bank, ING, Société Générale, SMBC and The Royal Bank of Scotland.

Ian Springett, Chief Financial Officer, Tullow Oil plc, commented today:

"This NOK 3 billion facility provides pre-funding for approximately 75% of our exploration and appraisal investment on the Norwegian Continental Shelf. The significant oversubscription demonstrates the strength of our banking relationships and our ability to access debt capital markets. We remain in an excellent position to fund all our activities across the portfolio with strong liquidity and considerable financial flexibility."

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc (London) ([phone]) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations)

Citigate Dewe Rogerson (London) ([phone]) Martin Jackson Shabnam Bashir

Murray Consultants (Dublin) ([phone]) Pat Walsh Joe Heron

Notes to Editors              

Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 140 exploration and production licences across 24 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.

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