Ashurst has advised Lundin Petroleum on the increase of its US$2.5 billion credit facility to US$4 billion with its existing group of 25 banks. The increased credit facility has been secured on similar terms to the existing facility. The credit facility will provide the necessary financial flexibility to fund the ongoing development, exploration and appraisal programmes including the Johan Sverdrup development in the Norwegian North Sea. The Lundin RBL is now believed to be the largest RBL ever arranged for an upstream oil and gas company in the European market.

The Ashurst team, which was led by structured oil and gas financing partner Huw Thomas, included London-based senior associate Nick Ross-McCall and associates Alex Bartho and Nick Szmigin, in Paris, a team led by finance partner Diane Senechal and corporate partner Guy Benda and in Sweden, a team led by partner Jon Ericson. Ashurst worked closely with Lundin General Counsel, Jeffrey Fountain, and Head of Corporate Debt, Christophe Nerguararian.