Ashurst has advised Oranje-Nassau Energie B.V. ("ONE") on its US$340 million borrowing base facility agreement arranged by ING Bank N.V., ABN AMRO Bank N.V., BNP Paribas, Credit Agricole Corporate & Investment Bank and Commonwealth Bank of Australia.  The new facility will be used to refinance ONE's existing US$225 million facility and provides significant room for ONE to expand its oil and gas upstream business.

ONE has a diversified portfolio of upstream oil and gas assets, including assets in the Dutch and UK North Sea and Gabon.

The Ashurst team was led by structured oil and gas financing partner Huw Thomas, supported by Karen Braakman, senior associate, and Nicholas Szmigin and Robin Watson, associates.

The lenders were advised on English law by Bracewell & Giuliani, on Dutch law by Loyens & Loeff and on Bahamian law by Higgs & Johnson.

Huw Thomas commented: "We are delighted to have advised Oranje-Nassau Energie on this highly successful refinancing."