Announcement of £37.5 million credit facility
23 March 2012
Fairfield Energy Limited, the North Sea focused oil and gas company, is pleased to announce that through its wholly owned subsidiary Fairfield Acer Limited, it has closed a £37.5 million ($60 million) credit facility with Credit Suisse AG.
The credit facility will be used to finance the ongoing development drilling campaign at the Clipper South Gas Field. The terms of the deal have been agreed at four and a half years, with the facility including gas price hedging provided by Credit Suisse International.
Fairfield holds a 25% interest in Clipper South along with Operator RWE Dea UK SNS Limited (50%) and partner Bayerngas Europe Limited (25%). First gas from the Clipper South field is expected in the summer of 2012.
Commenting on the announcement, Fairfield’s Chief Executive Officer, Chris Wright, said:
“We are pleased to announce the closing of this important credit facility with Credit Suisse, which demonstrates the confidence we and others have in the recovery of gas from the tight Rotliegend reservoir in the Clipper South Field. We can report that the drilling campaign is progressing well and we look forward to first gas from Clipper South by mid- year.
Today’s announcement further demonstrates the momentum in Fairfield’s portfolio as we continue to build and progress our high potential asset base in the UK North Sea.”
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