Ithaca 'Graduates' into a Leading Independent with Debt Deal.

North Sea-focused Ithaca Energy said Thursday that a debt funding deal has underlined its graduation into a leading independent North Sea oil and gas operator.

Having operated in the North Sea since 2004 after acquiring exploration blocks in the UK's 22nd Offshore Licensing Round, Ithaca today has assets in both the Norwegian and UK zones of the North Sea. These including producing assets in the Moray Firth and central and southern parts of the North Sea, as well as assets currently under development in the Greater Stella Area.

In its Thursday statement, Ithaca said its reserve-based lending (RBL) facility had been increased from $430 million to $610 million, with enhanced terms in the form of a reduced margin cost and greater flexibility over future unallocated capital. This has enabled the retirement of a $350 million bridge credit facility that was established to facilitate the acquisition of Valiant Petroleum in April.

Ithaca CFO Graham Forbes commented in a statement:

"I am delighted to close a heavily over-subscribed debt facility process, with a leading group of experienced oil and gas sector banks, and to be delivering improved financial terms and flexibility associated with the company's senior debt funding.

"It is also particularly pleasing to put in place a corporate facility, which underlines the graduation of the company into that of a leading independent North Sea oil and gas operator."


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