Trap secures $20m finance facility

Cashed up: Trap has secured a $20 million finance facility

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Josh Lewis

 30 January 2013 09:46 GMT

London-listed Trap Oil has signed a three-year secured borrowing base facility agreement of up to $20 million which it will use for appraisal and development of its assets on the UK Continental Shelf.

Trap said the three-year facility, which was signed with an affiliate of GE Energy Financial Services, was on conventional oil and gas industry borrowing base financing terms and linked to the economic performance of its interests in the Athena and Lybster production assets.

It added the facility was available for immediate drawdown in full and was designed to fund certain production and development expenditure related to the Athena and Crazy Horse fields in the North Sea.

“The facility will assist with the further appraisal and development of the promising assets within our existing…

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