October 13, 2017 / 10:34 AM / a year ago

Tulip Oil raises $103 mln to develop Dutch gas field

LONDON, Oct 13 (Reuters) - Tulip Oil has placed an 87 million euro ($103 million) secured bond and said the proceeds will be used to develop a gas field off the coast of the Netherlands where it is based.

Tulip Oil Netherlands Offshore, a subsidiary of Tulip Oil Holding, has applied for the five-year senior secured bond to be listed on the Oslo Stock Exchange, it said in a statement.

The company said proceeds will primarily be used for the development of the Q07A gas field, which was discovered in 2015.

In July, Tulip Oil was awarded a production licence by the Dutch government for the Q7/Q10a blocks.

“The proceeds from the bond will enable Tulip Oil to put Q07A into production and generate significant cashflow,” said Imad Mohsen, the firm’s chief executive.

“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,” he added.

Tulip Oil said it will now start developing the field, which is expected to produce gas at a rate of 3 million cubic metres a day.

Tulip Oil Netherlands Offshore owns a 60 percent interest in the Q07a/Q10 block and is the operator. Energie Beheer Nederland holds the remaining share. ($1 = 0.8454 euros) (Reporting by Nina Chestney; editing by Alexander Smith)

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