FLTC Endowment Fund Established
22 February 2011
FLTC was set up in August 2007 and since then has been financed by working capital provided by a loan from Oil and Gas UK. The FLTC Business Plan envisages that the Group's long term objectives will be financed by income generated from an Endowment Fund to be built up by payments made by oil and gas companies who with regulatory consent leave assets in UK waters after decommissioning production facilities.
FLTC have now received the first of those decommissioning payments from Total E&P UK Limited in respect of the MCP 01 Platform and from BP Exploration Operating Company Limited for the North West Hutton Platform.
Those payments enabled FLTC to establish an Endowment Fund in December 2010. As other assets are decommissioned and further payments are received the Fund will increase and in time is intended to generate revenue to finance the activities of the FLTC Group.