TXF Article14 Feb 2019 15:39
Sea Lion project to mandate banks in Q2 2019
12 February 2019 PROJECT & EXPORTOIL & GAS
Premier Oil and Rockhopper Exploration are expected to complete bank mandates in Q2 2019 for the financing of the $1.5 billion Sea Lion oil field development off the Falkland islands in Argentina. Financial close is expected by year-end.
The financing is expected to come from a combination of ECA and commercial bank debt. UKEF are in talks to provide an $800 million facility, with Norwegian and Dutch ECAs also showing strong interest in the deal.
Standard Chartered is said to have been mandated as pathfinder bank with two other commercial banks now confirming strong interest. Portland Advisers are advising Premier on the deal, while Bracewell is acting for the lenders.