PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: General Electric Company

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

GE Energy Financial Services Expands North Sea Oil Financing Program with Loan to UK Company - Trapoil announced that on 29 January, it entered into a three-year senior secured borrowing base facility agreement of up to US$20 million with an affiliate of GE Energy Financial Services (“the Facility”) (AIM: TRAP)
GE Energy Financial Services Expands North Sea Oil Financing Program with Loan to UK Company

 

NewswireToday - /newswire/ - Stamford, CT, United States, 2013/01/30 - Trapoil announced that on 29 January, it entered into a three-year senior secured borrowing base facility agreement of up to US$20 million with an affiliate of GE Energy Financial Services (“the Facility”) (AIM: TRAP). NYSE: GE

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Trapoil (AIM: TRAP) the independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf (“UKCS”) region of the North Sea is pleased to announce that on 29 January 2013, it entered into a three-year senior secured borrowing base facility agreement of up to US$20 million with an affiliate of GE Energy Financial Services (“the Facility”) and associated hedging arrangements with Britannic Trading Limited (“Britannic”), a subsidiary of BP International Limited (the “Oil Price Hedging Arrangements”).

The committed Facility is on conventional oil and gas industry borrowing base financing terms linked to the economic performance of the group’s interests in the Athena and Lybster production assets, for a term of up to three years. The Facility is available for immediate draw down in full and is designed to fund certain potential production and development expenditure in relation to, inter alia, the group’s Athena and Crazy Horse assets. Interest accrues on amounts drawn down under the Facility at a rate based on LIBOR plus a fixed percentage and is secured by way of first priority fixed and floating charges over all of the group’s assets. Trapoil is subject to certain industry standard financial, operational and corporate covenants related to the Facility and the documentation contains usual and customary representations and warranties for facilities of this type.

In conjunction with the Facility, Trapoil has entered into certain Oil Price Hedging Arrangements for the duration of the Facility. These arrangements consist of swap agreements, entered into at prices ranging from US$108.51/barrel for 2013 to US$95.50/barrel for 2015 with Britannic to provide greater visibility in respect of future cash flows arising from a significant proportion of the group’s near term forecast production as it continues to build its exploration and appraisal work programmes.

Mark Groves Gidney, Chief Executive Officer of Trapoil, commented:
“I am delighted that we have secured this debt finance from an affiliate of GE Energy Financial Services supported by hedging arrangements with the BP group. The Facility will assist with the further appraisal and development of the promising assets within our existing portfolio and the exploitation of good exploration opportunities alongside our partners where we earn carried interests. We look forward to building on our new relationships with GE and BP.”

GE Energy Financial Services’ Representative commented:
“This Facility for Trapoil further executes on GE Energy Financial Services’ strategic growth initiative to provide financing in the UK North Sea, complementing the traditional focus of its oil and gas team on partnership equity and debt for independent private and public oil and gas operators in US onshore basins and the Gulf of Mexico.”

The Group was created in 2008 by a team of experienced industry executives with a broad range of oil and gas technical, operational and financial expertise and professional skills.
Trapoil has developed long term relationships with key oil industry partners and major suppliers and consultants including CGGVeritas Services (UK) Limited (“CGGVeritas”), Applied Drilling Technology International and Exploration Geosciences Limited.

The Company utilises a research-led, knowledge-based approach to identify and deliver promising exploration and appraisal opportunities, and to this end has secured extensive long-term access to CGGVeritas' state of the art 3D seismic database over the majority of the Central North Sea area on negotiated terms. CGGVeritas is a leading pure-play geophysical services and equipment provider. Access to such 3D seismic data serves to strengthen the Group's ability to create opportunities on both open and held acreage in the UKCS.

About GE Energy Financial Services

GE Energy Financial Services (geenergyfinancialservices.com) GE’s energy investing business works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money expertise for essential, long-lived and capital-intensive power, oil and gas infrastructure GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds an approximately $20 billion global energy portfolio.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: General Electric Company

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


GE Energy Financial Services Expands North Sea Oil Financing Program with Loan to UK Company

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

GE News Center |
Publisher Contact: Andy Katell - GE Energy Financial Services 
203-961-5773 andrew.katell[.]ge.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From General Electric Company / Company Profile


Read Energy Most Recent Related Newswires:

Voith to Modernize Welsh Pumped Storage Plant Ffestiniog
GE’s Hornet Voltage Regulators Set to Swarm the Industrial Power Sector
GE Digital Production Manager MES Software Optimizes Paperless Manufacturing for Heavy Industrial Companies
Frost & Sullivan North America Summit to Provide Framework for Driving Oil & Gas into the Digital Age
aps Brings Battery Storage to Rural Arizona
High Growth Expected for Modular, Battery-based Energy Storage Systems as Utilities Target Energy Goals Finds Frost & Sullivan
Enel Group Completes Acquisition of Leading US-based Provider of Smart Energy Management Services EnerNOC
GE Signs 12-Year Agreement to Boost Help Reliability and Profitability at Daya Bay Nuclear Power Base in China
ABB Wins $30 Million Order to Strengthen Power Infrastructure in Iraq
New AREVA Signs A MOX Fuel Fabrication Contract with Japan
New AREVA’s EOS Dry Storage System Approved for Highest Heat-load Used Nuclear Fuel
ENGIE Leader of the 4th French Energy Regulatory Commission Solar Bidding with Nearly 100 MW Projects Awarded
Clarke Energy Chosen by APA to Supply GE’s Gas Engine Technology to Gruyere Gold Australian Mining Project
Invenergy and GE Renewable Energy Announce America’s Largest Wind Farm
Enel Awarded 339 MW of Solar Capacity in Spanish Renewables Tender

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  BizJobs.com





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)