DCSIMG

Trapoil secures $20m funding package for North Sea ventures

  • by GARETH MACKIE
 

North Sea driller Trapoil has agreed a $20 million (£12.7m) financing deal to fund the development of its Athena and Crazy Horse assets.

The three-year borrowing facility, from GE Energy Financial Services, is backed by a oil price hedging arrangement with Britannic Trading, a subsidiary of oil major BP.

Trapoil chief executive Mark Groves Gidney said the hedging deal will give the firm “greater visibility in respect of future cash flows arising from a significant proportion of the group’s near-term forecast production”.

 

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