Tullow Oil has refinanced its Norwegian exploration loan facility to increase the size from NOK 2 billion (€246 million) to NOK 3 billion (€369 million) and extend the availability to the end of 2017.

The group said the arrangement is a fully committed revolving credit facility that replaces the previous facility, arranged for Spring Energy before its acquisition by Tullow, whose availability was due to expire in December 2014. DNB and SEB acted as bookrunners and coordinating Banks for the facility, which the group said was “significantly oversubscribed.”

"This NOK 3 billion facility provides pre-funding for approximately 75 per cent of our exploration and appraisal investment on the Norwegian Continental Shelf. The significant oversubscription demonstrates the strength of our banking relationships and our ability to access debt capital markets. We remain in an excellent position to fund all our activities across the portfolio with strong liquidity and considerable financial flexibility," said Tullow's chief financial officer Ian Springett.

Tullow, which is quoted on the Irish, London and Ghanaian stock exchanges, has interests in over 140 exploration and production licences across 24 countries.