INDEPENDENT oil and gas company Faroe Petroleum has increased and extended the duration of its existing bank credit facilities.

The company, which focuses principally on exploration, appraisal and production opportunities in Norway and the UK, said it has increased and extended the duration of its reserve-based lending (RBL) credit facility to underpin its growth plans.

Faroe’s $250 million RBL has been extended by $100m and its maturity extended by two years to December 2025.

Graham Stewart, chief executive, said: “We are pleased with the ongoing strong support from our relationship banks. The decision to increase and extend their commitments to Faroe is reflective of their confidence in our business. The RBL is now fully fit-for-purpose and can support the group’s strategic aims and continuing growth.”

The banks in the RBL remain as BNP Paribas (Agent), BMO Capital Markets, Commonwealth Bank of Australia, Danske Bank, DNB Bank, ING, Royal Bank of Scotland, SEB, SR-Bank and Wells Fargo.