Edinburgh Signs Credit Facility to Fund Buzzard Development

Edinburgh Oil & Gas announces its preliminary results for the year ended December 31, 2003.

  • Buzzard oilfield development plan approved by Department of Trade and Industry
  • Target for Buzzard oil production - fourth quarter 2006
  • US$105 million Credit Facility with Bank of Scotland
  • Award of five new UK Offshore licenses in 21st Licensing Round
  • £3.8 million raised from sale of UK Onshore licenses

  • Alf Bissett, Managing Director of Edinburgh Oil & Gas plc said: 'Good progress is being made with the Buzzard development. The key contracts have been awarded and fabrication of the major steel structures commenced in January 2004. The field will be produced through 27 production wells, eight of which will be pre-drilled in 2005/2006 and available for production in the fourth quarter of 2006. The oil is to be exported via the nearby BP Forties Pipeline System to Cruden Bay and then onto Hound Point in the Firth of Forth.

    'Our strategy is to maintain an active exploration program in the North Sea to complement the Buzzard development and we were therefore pleased with the award of five new licenses in the 21st Licensing Round.'