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Lundin Petroleum secures NOK 4.5 billion financing


Published May 1, 2015
Lundin in the North Sea

Lundin Petroleum says that its subsidiary Lundin Norway AS (Lundin Norway) has secured a NOK 4.5 billion Exploration Refund Facility (ERF) from a group of ten international banks.

The facility is secured against the tax refunds generated from Lundin Norway's exploration and appraisal activities on the Norwegian Continental Shelf and extends for a period of two years.

Mike Nicholson, CFO of Lundin Petroleum comments,'Lundin Petroleum has a strong balance sheet with multiple sources of access to liquidity to fund our forward development and exploration program. The new Norwegian ERF is a low cost source of funding which provides us with an additional source of liquidity, particularly in a low oil price environment.'

Tags: Lundin Petroleum




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