North Sea-focused Trap Oil Group announced Wednesday that it has agreed a three-year debt deal to borrow up to $20 million with GE Energy Financial Services. The deal is designed to help the company fund production and development spending in relation to its Athena and Crazy Horse assets.
Trap also said that, in connected with the GE deal, it has also entered into oil price hedging arrangements for the duration of the facility with Britannic Trading – a subsidiary of BP International.
Trap CEO Mark Groves Gidney commented in a statement:
"I am delighted that we have secured this debt finance from an affiliate of GE Energy Financial Services supported by hedging arrangements with the BP group. The facility will assist with the further appraisal and development of the promising assets within our existing portfolio and the exploitation of good exploration opportunities alongside our partners where we earn carried interests. We look forward to building on our new relationships with GE and BP."
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles