Faroe strikes £266m overdraft deal

FAROE Petroleum - the Aberdeen-based oil and gas explorer focused on the Atlantic margin, Norway and the North Sea - yesterday secured a pair of bank overdrafts worth a total of £266 million.

By The Newsroom

Published 7th Jul 2011, 23:48 BST

Updated 9th Jul 2011, 00:37 BST

Six banks - BNP Paribas, Commonwealth Bank of Australia, DNB NOR Bank, Lloyds TSB, Royal Bank of Scotland and SEB - came together to provide the two facilities, which will be used to help fund Faroe's exploration programme. Earlier this week, the Scottish firm announced that it had begun drilling at the Fulla prospect, west of Shetland.