30 Dec 2015 07:00
30 December 2015
Ruspetro plc ("Ruspetro" or the "Group")
Agreement on New Covenants for Public Joint Stock Company "Bank Otkritie Financial Corporation" Loan Facilities
Ruspetro plc (LSE: RPO), an independent oil and gas development and production company, with assets in the Western Siberia region of the Russian Federation, is pleased to announce that Public Joint Stock Company "Bank Otkritie Financial Corporation" ("BOFC") has accepted the Group's proposal to agree new covenants for the Groups' loan facilities, and BOFC and the Group have executed all necessary documentation to reflect the Group's new covenant proposal.
The loan covenants for the three credit facilities with BOFC have been amended, in order to align the covenants with the Group's approved business plan.
John Conlin, Chief Executive Officer of the Group, commented:
"This is an important achievement for the Group, as it aligns our loan covenants to the Group's drilling programme as disclosed in the Group's half-year results statement."
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 +7 495 745 5665
Finlay Thomson, Investor Relations +44 (0)79 7624 8471
Mirabaud Securities LLP
Peter Krens +44 (0)20 7878 3362
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
Strand Hanson Limited (financial adviser)
Andrew Emmott +44 (0)20 7409 3494
FTI Consulting
Ben Brewerton, George Parker +44 (0)20 3727 1000