Lundin Secures US$1 Billion Financing

Lundin Petroleum has secured US$1 billion in new financing facilities. The facilities were fully underwritten by BNP Paribas and sub-underwriters Bank of Scotland and Royal Bank of Scotland.

The financing facilities consist of a US$850 million revolving borrowing base and letter of credit facility and a US$150 million unsecured corporate facility, available to subsidiaries of Lundin Petroleum. Lundin Petroleum intends to use these facilities to fund its ongoing exploration and development expenditures as well as for future potential acquisitions and new projects.

Geoff Turbott, Chief Financial Officer of Lundin Petroleum, commented: "Lundin Petroleum is currently generating strong internal cash flow and has low gearing. However, we are very pleased to have secured this new financing which gives us the financial flexibility to pursue acquisitions and additional investments should the right opportunities arise."