Spring Energy expands its exploration loan facility with SEB
The Oslo-based oil company Spring Energy has signed a Term Sheet with Skandinaviska Enskilda Banken AB (“SEB”) for an expansion of its revolving exploration loan facility from NOK 400 million to NOK 600 million.
The revolving exploration loan facility provides pre-funding of state tax refunds related to Spring Energy’s exploration and appraisal expenditures on the Norwegian Continental Shelf.
The SEB loan facility together with the equity finance commitment of USD 120 million from HitecVision, enables the Company to pursue an ambitious exploration and appraisal driven growth strategy over the next couple of years.
The facility is conditioned upon a final Loan Agreement between SEB and Spring Energy.