Trap Oil Agrees Debt Deal to Fund North Sea Assets
by Rigzone Staff
|Wednesday, January 30, 2013
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."
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