Trap Oil Agrees Debt Deal to Fund North Sea Assets

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!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post 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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  AOD Secures Contract Extensions for 2 ... (Jul 29)
 -  OGDCL Discovers Gas at Khamiso-1 Prosp... (Jul 29)
 -  Saipem Bags 2 Contracts for Indonesia'... (Jul 28)
 -  Malaysia's PBJV Clinches $9.4M T&I Con... (Jul 28)
 -  Vroon Takes Delivery of 2 PSVs from Ch... (Jul 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Senior Manager, Tax
Expertise: Accounting|Financial Audit
Location: Houston, TX
 
Field Engineer
Expertise: Construction Manager|Planner / Scheduler|Project Controls
Location: San Francisco, CA
 
Assistant Project Manager
Expertise: Budget / Cost Control|Civil Engineering|Project Management
Location: Los Angeles, CA
 
search for more jobs

Brent Crude Oil : $42.7/BBL 1.77%
Light Crude Oil : $41.14/BBL 1.83%
Natural Gas : $2.87/MMBtu 7.49%
Updated in last 24 hours