Completion of RBL redetermination – significant increase in borrowing capacity
Oslo, 19 June 2020: Norwegian Energy Company ASA ("Noreco" or the “Company”) is pleased to announce that its bank group has completed the scheduled June 2020 semi-annual borrowing base redetermination under the Company’s USD 900 million senior secured Reserve Based Lending Facility (the “Facility” or the “RBL”), which has resulted in Noreco’s borrowing base increasing by USD 188 million from USD 751 million at end December 2019 to USD 939 million at end June 2020. This borrowing base increase reflects the significant operational progress made during the last year, including 2P