RusPetro plc Renewal of Prepayment Facility with Glencore (5646M)
May 08 2015 - 1:00AM
UK Regulatory
TIDMRPO
RNS Number : 5646M
RusPetro plc
08 May 2015
Ruspetro plc
8 May 2015
Ruspetro plc
("Ruspetro" or the "Company")
Ruspetro renews export prepayment facility with Glencore
London, 8 May 2015: Ruspetro plc (LSE: RPO, "the Group")
announces that the Group's subsidiary INGA ("the Company") has
signed a further crude oil export prepayment facility ("New
Facility") with Glencore Energy UK Ltd ("Glencore") for up to
US$30.0 million for a period of 18 months. The New Facility renews
the prepayment facility entered into in March 2014 which was fully
repaid to Glencore as planned.
The New Facility requires the Company to deliver a minimum of
15,000 metric tonnes per quarter (approximately 1,200 barrels of
oil per day) of crude oil to Glencore.
Under the New Facility, US$22.5 million will be available to the
Company after certain conditions precedent customary for prepayment
facilities of this kind are satisfied and up to US$7.5 million will
be available to the Company in six months depending on the
Company's ability to meet certain production targets.
John Conlin, Chief Executive Officer, commented:
"The renewal of the prepayment facility with our long-term
partner Glencore provides the Group with additional working capital
to complement our existing debt facilities"
About Ruspetro
Ruspetro plc is an independent oil and gas development and
production company, with assets in the Western Siberia region of
the Russian Federation. Our mission is to unlock the tight oil
reservoirs in our asset base while building a leading regional
independent E&P company in a safe and environmentally
responsible manner for the long-term benefit of our
shareholders.
Enquiries
Ruspetro plc
John Conlin, Chief Executive Officer +44 (0) 20 7318 1630
Alexander Betsky, Finance Director +44 (0) 20 7318 1630
Finlay Thomson, Investor Relations +44 (0) 79 7624 8471
FTI Consulting
Ben Brewerton, George Parker +44 (0) 20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
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