Irish listed oil producer Tullow Oil has raised over €420m of capital from existing lenders, boosting its financial strength despite weak oil prices.
Tullow, which posted its first loss in 15 years last year, said its total committed debt facilities were now around €5.9bn with no near-term maturities, placing it in a strong financial position.
Tullow's lenders have agreed to extend existing commitments by €187m, increasing available debt to just under €3.5bn. It also secured an additional €234m through a corporate debt facility that has now risen to more than €940m.
Tullow’s chief financial officer Ian Springett said: "Today's announcement demonstrates the resilience of our debt capital structure and the quality of our portfolio to generate significant liquidity, even at low oil prices.
Shares in Tullow fell two weeks ago when news emerged that a maritime border dispute between Ivory Coast and Ghana could delay one of its flagship oil projects.