Siccar Point Extends Borrowing Facility

Privately-backed, Siccar Point Energy, has signed an agreement with its existing syndicate of banks to increase and extend its existing reserves-based lending facility from $600mn to $800mn, it said December 13. The final maturity has also been extended from 2023 to 2025, restoring the original seven-year maturity. Together with the loan comes the ability to issue additional subordinated loans.

The banks in the RBL remain: DNB (Co-Technical), ING (Co-Technical), Natixis (Agent), ABN Amro, Barclays, BNP, CACIB, Citi, Commonwealth Bank of Australia, Nedbank and NIBC. Siccar Point Energy was advised by Rothschild & Co. and Ashurst.

Siccar Point Energy's CEO, Jonathan Roger, said: "The ongoing support of such a strong bank group positions Siccar Point extremely well financially to deliver our forward plans. Next year is shaping up to be another exciting chapter for the company with first production from the Mariner field, our two high impact Blackrock and Lyon exploration wells, and of course progressing the Cambo development towards project sanction following the highly successful well test earlier this year."

Siccar Point, which is backed by private equity firms Blackstone Energy and BlueWaterEnergy, bought its first significant assets from OMV in a roughly $1bn deal reached in late 2016. Since then it has extended its reach into the West of Shetlands. It says it has interests in four of the largest UK assets (by remaining reserves) – Schiehallion, Mariner, Cambo and Rosebank – as well as an extensive portfolio of additional high quality material development and exploration opportunities. Earlier this year it sold down some of its Cambo oilfield stake to Anglo-Dutch major Shell.