THE HAGUE, the Netherlands – Tulip Oil Netherlands Offshore has completed a successful bond placement of EUR87 million ($103 million), and will now apply to be listed on the Oslo Stock Exchange.
The company will use the proceeds primarily for development of the Q07A gas field, discovered in shallow water, 20 km (12.4 mi)offshore the Netherlands, in 2015.
In July, Tulip secured a production license for the Q7/Q10a blocks from the Dutch Ministry of Economic Affairs.
Q07A, following development, will become the largest single offshore producing asset in the Netherlands, the company claims, helping to offset production declines from other Dutch fields.
Tulip has a 60% interest in the Q07a/Q10 block, with state-owned Energie Beheer Nederland holding the remaining 40%.