Completion of RBL Redetermination - Significant Increase in Borrowing Capacity

The Company's borrowing capacity is now constrained only by the total size of the Facility. Further, under the current redetermination case, the borrowing base is expected to remain above the maximum the Company can draw under the Facility for the entire life of the loan. The Company's borrowing capacity is now constrained only by the total size of the Facility. Further, under the current redetermination case, the borrowing base is expected to remain above the maximum the Company can draw under...

The Company's borrowing capacity is now constrained only by the total size of the Facility. Further, under the current redetermination case, the borrowing base is expected to remain above the maximum the Company can draw under the Facility for the entire life of the loan.

Euan Shirlaw, the Chief Financial Officer of Noreco commented: "Delivering a significant borrowing base increase against a challenging backdrop in the oil and gas markets is a testament to both the long-term value proposition of Noreco's participation in the DUC and the material price and volume hedging arrangements we have in place. The Company was already fully funded to deliver the Tyra redevelopment project prior to today's announcement, however this increase in borrowing capacity provides the Company with additional headroom and flexibility that is invaluable in today's market".

 

Contacts: 
Euan Shirlaw, CFO 
Phone: +44-7979-690622
Email: [email protected]

Cathrine Torgersen,
EVP Investor Relations & Communications 
Phone: +47-91-52-85-01 
Email: [email protected]

 This information was brought to you by Cision http://news.cision.com

https://news.cision.com/noreco/r/completion-of-rbl-redetermination---significant-increase-in-borrowing-capacity,c3138085