Ithaca Energy announces new debt facilities

10th Oct 2013 12:45

Ithaca Energy has extended and executed long-term senior bank debt financing facilities to fund oil and gas activities. The company has increased its existing reserve-based lending facility from $430m to $610m, phasing out a $350m facility which was used to fund the acquisition of Valiant Petroleum. The group has also established a new five year $100m corporate facility, to add new appraisal and development opportunities to the portfolio. "I am delighted to close a heavily over-subscribed debt facility process, with a leading group of experienced oil and gas sector banks, and to be delivering improved financial terms and flexibility associated with the company's senior debt funding," said Chief Executive Officer, Graham Forbes. "It is also particularly pleasing to put in place a corporate facility, which underlines the graduation of the company into that of a leading independent North Sea oil and gas operator," Forbes stated.Shares were up 3.96% to 151p at 13:22 on Thursday. RD