Listed exploration and oil company Tullow, which has projects in Ghana and Uganda, has raised €2 billion in loans to fund developments.
The company also announced a 'significant' discovery at the Tweneboa-1 exploration well off the shore of Ghana.
The $2 billion debt is split between a Senior Facility of $1.785 billion, a Junior Facility of US$100 million and an IFC facility of US$115 million with a final maturity of December 2015. The margin on the Senior and IFC facilities, depending on the level drawn, is up to 3.75 per cent over US$ LIBOR.
Separately, Tullow said a significant highly-pressured light hydrocarbon accumulation has been discovered at the Tweneboa-1 wellin which the company has a 50 per cent stake.