Ashurst has advised an affiliate of GE Energy Financial Services in relation to a US$20 million borrowing base facility for Trap Oil. The three-year facility is designed to fund development and production expenditure in relation to, inter alia, the group's Athena and Crazy Horse assets in the UK North Sea. In conjunction with the facility, Trap Oil entered into certain hedging arrangements with BP.

The Ashurst team was led by upstream oil and gas financing partner Huw Thomas, and included a London based energy team of senior associate Nick Ross-McCall and associate Trinh Chubbock. International finance associate Alex Jeffery provided advice on the hedging.

Commenting on the deal, Huw Thomas said:

"We were delighted to have worked with GE Energy Financial Services on this significant project in terms of their strategic growth initiative to provide financing in the UK North Sea. It is an exciting time for the UKCS market and our team has been extremely active over the last year advising on various UKCS financings and transactions."

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