21 Aug 2013 07:00
Ruspetro plc ("Ruspetro" or the "Company")
Ruspetro Signs $30mn Prepayment Facility with Glencore
London, 21 August 2013: Ruspetro plc (LSE: RPO) today announces that the Company has signed a crude oil prepayment facility with Glencore Energy UK Ltd ("Glencore") for US$30 million.
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 bopd) of crude oil to Glencore.
Tom Reed, Acting Chief Executive Officer, commented:
"This facility enables the Company to reinvigorate appraisal and development activity in the field, while strengthening the financial base necessary to prosecute our strategic process. We will now re-address some of the geological challenges we faced in 2012 with a more measured approach, improved sub-surface modelling and horizontal wells. In parallel, we continue to work on the monetization of our gas assets and finding the right strategic partner for our oil field. "
ENDS
Enquiries
Investors / analyst enquiries
Dominic Manley, Ruspetro
+44 7540 460 872, dmanley@ruspetro.com
Twitter: @ruspetroplc
Media
Natalia Erikssen - FTI Consulting
+44 207 831 3113
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.