LONDON (Alliance News) - Ruspetro PLC said Tuesday that it has extended its short-term unsecured loan of USD10 million with Limolines Transport Ltd, secured at an annualised rate of 14% for a term of six months.
Ruspetro said that the loan will allow it to continue the operational momentum it gained since spudding its first horizontal well in April.
Including the loan, its current cash balance will be around USD11 million. It said that securing additional capital and a longer term restructuring of its balance sheet "remains imperative."
Shares in Ruspetro were trading flat at 14.00 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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