The company said it has increased the size of its overall loan facility from Nkr2 billion to Nkr3 billion and also extended the duration of the arrangement to 2017 under a refinancing exercise.
The revamped facility replaces an existing credit deal due to expire in December this year that was originally arranged by Spring Energy before the latter’s acquisition by Tullow.
Chief financial officer Ian Springett said the new facility will provide pre-funding for about 75% of Tullow’s planned exploration and appraisal spending off Norway.
The London-listed company is a partner in the OMV-operated Wisting Central discovery in the frontier Hoop area of the Barents Sea, where a further wildcat is currently being drilled at the Hanssen prospect on which results are expected shortly after reaching total depth.
It will also be looking to acquire further acreage in the Arctic region in Norway’s upcoming 23rd licensing round.
However, the explorer has failed to deliver the goods with a pair of recent dusters drilled at the Mantra and Gotama prospects in the country’s mature North Sea play, with a further probe to be drilled at the Lupus prospect in the area.