Sagex Petroleum is pleased to have secured a finance facility based on the exploration tax refund, which will be important towards funding the six exploration wells planned in Norway over the next three years.

The facility has been obtained from SEB with security against the tax refund of 78% of exploration investments the preceding year. Thus, the credit facility bridge the gap between accrued expenses and the tax refund the following years.

Sagex has an active drilling program consisting of several firm wells. Three wells are planned for 2011, testing net risked resources of 26 mmboe of the close to 200 mmboe net risked resources in the company’s portfolio.