8 May 2015 07:00
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