Siccar Point adds clout with beefed up lending facility

Siccar CEO Jonathan Roger
Siccar CEO Jonathan Roger

Siccar Point Energy has beefed up its financial clout with ahead of what promises to be a busy 2019 for the North Sea oil firm.

A group of banks has agreed to increase the limit on Siccar Point’s reserves based lending facility (RBL) by £158 million to £630m.

Availability under the RBL has also increased to more than £555m, while final maturity has been extended by two years to 2025.

Aberdeen-headquartered firm recently appraised the highly promising Cambo discovery, north-west of Shetland, and plans to drill an exploration well on Lyon next year.

The company also has stakes in the Mariner field, expected to come on stream early next year, as well as Schiehallion and the Rosebank project.

Siccar Point chief executive 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.”