Tullow Oil refinances Norway prospects

Tullow Oil has refinanced its Norwegian exploration prospect with a further $330m (€244m) in funding for its NOK 2 billion (€246m) prospect and it has extended a $500m facility out to 2017 for the NOK 3 billion prospect.

With the new facilities in place Tullow has successfully funded three quarters of the group’s requirements to explore the Norweigian continental shelf.

Tullow Oil’s chief financial officer, Ian Springett, said that with the funding in place the company is in a strong position to continue its Norweigian exploration.