Counting cash: at Noreco
Noreco lines up extra E&P cash
Norway-based Noreco has sealed a Nkr1.05 billion ($162 million) loan, lining up extra cash for its exploration and appraisal work off Norway this year and next.
In a release, Noreco said the agreement is with lead arranger Sparebank 1 SR-Bank, DnB NOR and BNP Paribas.
Noreco added the facility will cover up to 70% of its exploration and appraisal plans for 2009 and 2010.
The revolving loan facility will replace an existing Nkr800 million exploration loan facility. The loan agreement will be finally completed when customary conditions have been fulfilled.
This year, Noreco will be involved in five exploration wells. Three of these have been drilled already - in Denmark, the Gita well hit gas, will Gygrid, in PL348 off Norway was also a discovery.
Drilling results from the Grosbeak well in Norway are expected shortly.