31 Mar 2011 15:54
Date: 31 March 2011
SeaEnergy PLC
("SeaEnergy" or the "Company")
Repayment Terms of Existing Loan Facility Extended
SeaEnergy (AIM: SEA) today announces that it has agreed a further extension to the terms of an existing loan facility until the earlier of 30 April 2011, or execution of an agreement for the sale of SeaEnergy Renewables Limited ("SERL").
The facility is provided by LC Capital Master Fund, Ltd ("LC"), a major shareholder in SeaEnergy and follows an announcement on 31 January 2011 that LC had agreed an extension to 31 March 2011. At this time £490,000 remains to be drawn of the £4.3 million facility provided by LC.
While there can be no certainty that the current negotiations will result in a sale of SERL these negotiations are now at an advanced stage. The facility extension reflects the transaction timetable and follows SERL's success in the recently published Scottish Strategic Environmental Assessment, which was an important milestone for the transaction.
Further announcements will be made in due course.
-Ends-
For further information contact:
SeaEnergy PLC Steven Bertram - Managing Director
| +44 1224 748480 |
Ambrian Partners Limited - NOMAD & Broker Andrew Craig, Ben Wright
| +44 20 7634 4700 |
Kreab Gavin Anderson Kate Hill, Ken Cronin, Andrew Jones
| +44 20 7074 1822 |
NOTES TO EDITORS
SeaEnergy PLC
SeaEnergy PLC is the only listed pure play offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is a subsidiary of the Company and is made up of the team which conceived, developed and delivered the world's first deep water wind farm development - the Beatrice Demonstrator offshore wind farm (10MW) (the "Beatrice Demonstrator Project") which is owned and operated by Talisman Energy. The Beatrice Demonstrator Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the SERL team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.
Prior to the UK Round 3 award SeaEnergy had secured a 25% interest in two Scottish offshore wind farm sites, Beatrice and Inch Cape. The award of Zone 1 in the UK Round 3 leasing programme with partners EDP Renováveis takes SeaEnergy's net capacity in the UK to over 781MW. SeaEnergy has also signed a Heads of Terms Agreement to develop offshore wind farms in Taiwan with Taiwan Generations Corporation and a Strategic Cooperation Agreement with Nantong COSCO Ship Steel Structure Co. Ltd (NCSC) to develop and market steel structures for the offshore wind industry.
www.seaeenergy-plc.com