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October 17, 2017updated 25 Oct 2017 7:55am

Tulip Oil raises €87m to develop Dutch offshore field

Tulip Oil Netherlands Offshore has raised nearly €87m through a five-year senior secured bond, which is priced at a Euribor rate of €3m, plus 8.5%.

Tulip Oil Netherlands Offshore has raised nearly €87m though a five-year senior secured bond, which is priced at a Euribor rate of €3m, plus 8.5%.

The company has also applied for the senior secured bond to be listed on the Oslo Stock Exchange.

With net proceeds, Tulip Oil intends to develop the Q07A gasfield 20km offshore in the shallow waters of the Netherlands.

The oilfield was discovered in 2015 and the company secured a production license for the Q7/Q10a blocks from the Dutch Ministry of Economic Affairs in July this year.

Tulip Oil Netherlands CEO Imad Mohsen said: “The proceeds from the bond will enable Tulip Oil to put Q07A into production and generate significant cashflow.

“It will ultimately also allow the company to explore the considerable potential of the Q7/Q10a blocks together with the other assets in the group.”

“Proceeds from the bond will enable Tulip Oil to put Q07A into production and generate significant cashflow.”

Production from this oilfield is expected to contribute significantly to the Dutch economy and negate the impact of the fall in output from other offshore assets in the country.

Tulip Oil chief financial officer Martin Bell said: “This bond issuance marks a significant step forward for Tulip Oil and a re-opening of the high yield bond market for the E&P sector.

“This is testament to the high-quality of the Q07A discovery and the Tulip Oil management team.”

Tulip Oil Netherlands operates the Q07a/Q10 block with a 60% interest. The remaining 40% stake is with Energie Beheer Nederland.

ABG Sundal Collier acted as sole manager for the company in the issuance of bonds.

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