Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSEY.L Regulatory News (SEY)

  • There is currently no data for SEY

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Bank Waiver Signed

21 Apr 2009 10:00

RNS Number : 8970Q
Sterling Energy PLC
21 April 2009
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

21 April 2009

STERLING ENERGY PLC

("Sterling" or the "Company")

 

Bank Waiver Signed

 

Sterling (symbol: SEY), an AIM listed independent oil & gas exploration and production company, with interests in the Gulf of Mexico, Africa and the Middle East, is pleased to announce that it has reached agreement with all its syndicate banks regarding the granting of a waiver until mid-August 2009, in connection with the schedule of repayments on its outstanding loans

 

Reflecting the major fall in energy prices in the last few months, the Company’s Borrowing Base at the redetermination date of mid-January 2009 under its syndicated debt facility was approximately US$76 million, leaving a current debt gap of approximately US$27 million. Under the waiver, Sterling expects to continue to service its adjusted cash flow obligations until at least the next scheduled Borrowing Base re-determination, due mid-August 2009. The waiver includes various changes to the terms of the loan, including fees dependent on the timing of the elimination of the debt gap, prior bank approvals of capital costs and a monthly repayment of not less than $1 million under a cash sweep.

 

Graeme Thomson, Sterling CEO, said:

"Completion of this financing agreement is clearly a very important step forward for Sterling. I believe it is a testimony to the strong relationships we have with our banks as we work together to put in place a robust, long-term solution to this issue. 

I believe there is inherent value in the production and exploration prospects of our portfolio. In particular, I anticipate that we will spud our first well in Kurdistan on plan in the fourth quarter of 2009. Sterling has a 53.33% interest in the Sangaw North block and is fully carried for its share of costs, up to the point of testing.  Kurdistan is proving to be a prolific hydrocarbon region where, in recent weeks, there has been yet further exciting news of potentially very significant drilling success." 

 

  

Enquiries

Sterling Energy Plc (+44 20 7405 4133) Web site: www.sterlingenergyplc.com 

Graeme Thomson, CEO

Jon Cooper, FD

Evolution Securities (+44 20 7071 4300)

Rob Collins 

Chris Sim

Citigate Dewe Rogerson (+44 20 7638 9571)

Martin Jackson

George Cazenove

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Andrew Grosse, B.Sc (Hons) Geology & Geophysics (1980), Exploration & Technical Director of Sterling Energy Plc, who has been involved in the oil industry for over 27 years, is the qualified person that has reviewed the technical information contained in this press release.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCKGGZDRMGGLZG
Date   Source Headline
1st Jul 20092:49 pmPRNRule 8.3 - Sterling Energy plc
1st Jul 20099:02 amRNSEPT Disclosure
30th Jun 200911:17 amRNSEPT Disclosure
30th Jun 20099:17 amRNSBoard Change
30th Jun 20099:15 amRNSAGM Statement
29th Jun 20092:26 pmPRNRule 8.3 - Sterling Energy plc
29th Jun 20099:25 amRNSEPT Disclosure
26th Jun 20099:16 amRNSEPT Disclosure
25th Jun 20099:46 amRNSEPT Disclosure
24th Jun 20099:54 amRNSEPT Disclosure
23rd Jun 20098:55 amRNSEPT Disclosure
22nd Jun 20094:40 pmRNSSecond Price Monitoring Extn
22nd Jun 20094:35 pmRNSPrice Monitoring Extension
22nd Jun 20093:09 pmRNSRule 8.3- Sterling Energy Plc
22nd Jun 20093:05 pmRNSRule 8.3- Sterling Energy Plc
22nd Jun 200911:47 amRNSRule 8.3- Sterling Energy Plc
22nd Jun 20099:21 amRNSEPT Disclosure
19th Jun 200910:02 amRNSEPT Disclosure
18th Jun 20098:47 amRNSEPT Disclosure
17th Jun 20094:40 pmRNSSecond Price Monitoring Extn
17th Jun 20094:35 pmRNSPrice Monitoring Extension
17th Jun 20098:36 amRNSEPT Disclosure
16th Jun 20092:08 pmPRNRule 8.3 - Sterling Energy Plc
15th Jun 20095:25 pmRNSRule 8.3- (Sterling Energy plc)
15th Jun 20095:20 pmRNSRule 8.3- (Sterling Energy plc)
15th Jun 20092:00 pmPRNRule 8.3 - Sterling Energy plc
15th Jun 20099:32 amRNSEPT Disclosure
12th Jun 20091:14 pmPRNRule 8.3 - Sterling Energy Plc
12th Jun 20099:50 amRNSEPT Disclosure
11th Jun 20092:49 pmPRNRule 8.3 - Sterling Energy plc
11th Jun 20099:15 amRNSEPT Disclosure
10th Jun 20092:24 pmPRNRule 8.3 - Sterling Energy plc
10th Jun 20099:55 amRNSEPT Disclosure
9th Jun 20091:51 pmRNSAnnual Financial Report
9th Jun 20091:47 pmPRNRule 8.3 - Sterling Energy Plc
9th Jun 200911:34 amRNSRule 8.3- Sterling Energy
9th Jun 20098:58 amRNSEPT Disclosure
8th Jun 20092:20 pmPRNRule 8.3 - Sterling Energy Plc
8th Jun 200911:55 amRNSRule 8.3- Sterling Energy plc
8th Jun 200910:00 amRNSEPT Disclosure
5th Jun 20091:33 pmPRNRule 8.3 - Sterling Energy Plc
5th Jun 20098:56 amRNSEPT Disclosure
4th Jun 20093:06 pmPRNRule 8.3 - Sterling Energy
4th Jun 20099:18 amRNSEPT Disclosure
3rd Jun 20099:31 amRNSEPT Disclosure - Replacement
2nd Jun 20091:20 pmPRNRule 8.3 - Sterling Energy Plc
2nd Jun 20099:35 amRNSEPT Disclosure - Amendment
1st Jun 200910:09 amRNSEPT Disclosure
1st Jun 20097:00 amRNS2008 Preliminary Results
29th May 20091:41 pmPRNRule 8.3 - Sterling Energy plc

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.