ANTRIM Energy, which has oil and gas operations in Argentina and the UK, yesterday secured a $50 million (£25m) working capital facility from the Bank of Scotland.
The Canadian-based company has a market cap of about £180m and is listed on London'
s Aim and the Toronto Stock Exchange.
Antrim said the banking facility will be used to fund pre-development work on the Causeway field, in the northern North Sea, and for the appraisal of the Fyne and Dandy fields, in the central North Sea blocks 21/28a.
The amount available under the facility will increase as Antrim prepares, submits and receives final approval of a field development plan (FDP) for the Causeway property, the company said. Antrim owns a 65.5 per cent stake there.
Stephen Greer, Antrim's chief executive and president, said: "We anticipate a close working relationship with the bank and replacing this facility upon FDP approval, with a larger senior secured field development facility for Causeway and Fyne fields".
Early cash flow from Causeway production and the Fyne field is expected to fund the development of additional reserves, the company added.
The full article contains 198 words and appears in The Scotsman newspaper.
