28 Mar 2014 07:01
Ruspetro plc
28 March 2014
Ruspetro plc ("Ruspetro" or the "Company")
Ruspetro Renews US$30mn Prepayment Facility with Glencore
London, 28 March 2014: Ruspetro plc (LSE: RPO) announces that the Company has signed a further crude oil prepayment facility with Glencore Energy UK Ltd ("Glencore") for US$30 million which renews and replaces the existing prepayment facility with Glencore entered into in August 2013 ("Existing Facility").
The facility is for a period of one year and 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.
The US$10mn outstanding from the Existing Facility will be paid down in full as part of the new facility resulting in net proceeds of US$20mn to Ruspetro.
John Conlin, Chief Executive Officer, commented:
"The renewal of the prepayment facility with our long-term partner Glencore provides Ruspetro additional working capital in the lead-up to the restart of development drilling in the field."
About Ruspetro
Ruspetro plc is an independent oil & gas development and production company, listed on the premium segment of the London Stock Exchange (LSE: RPO). The Company's operations are located on three contiguous licence blocks in the middle of the Krasnoleninsk Arch in Western Siberia. Ruspetro assets include proved and probable (2P) reserves of over 1.8 billion barrels of oil equivalent.
Enquiries
Investors / Analyst enquiriesDaniel Barcelo, Ruspetro+44 207 318 1263
Twitter: @ruspetroplc
Media enquiriesNatalia Erikssen - FTI Consulting
+44 207 831 3113