BNP Paribas in Cairn loan deal

 
Suzie Neuwirth
OIL EXPLORER Cairn Energy yesterday said it has secured a $575m (£342m) loan with French bank BNP Paribas to fund two developments in the North Sea.

“The cash flow from these fields will underpin delivery of future exploration programmes with appropriate capital allocation within a balanced portfolio,” said the London-listed firm.

Cairn began drilling at the first of two planned exploration wells located off Senegal in April.

It said it continues to engage with the Indian government’s income tax department over an ongoing tax dispute.

All resolutions were passed at yesterday’s annual meeting.