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