Last checked at 16 Nov 2009 07:00
Serica Energy plc
("Serica" or the "Company")
REVOLVING CREDIT FACILITY
London, 16 November 2009 - Serica Energy plc (AIM & TSX-V: SQZ) is pleased to announce that it has today entered into a new US$100 million senior secured revolving credit facility to replace its previous facility of a similar amount. The new facility, which has been arranged with J.P.Morgan plc, Bank of Scotland plc and Natixis as Mandated Lead Arrangers, is for a term of three years. The facility is principally to refinance the Company's outstanding borrowings on the Kambuna field which commenced production of gas and condensate in August of this year. It will also be available to finance the appraisal and development of the Columbus field and for general corporate purposes.
Further information on the Company is available on its website: www.serica-energy.com
Enquiries:
| Serica Energy plc | ||
| Paul Ellis, CEO | paul.ellis@serica-energy.com | +44 (0)20 7487 7300 |
| Chris Hearne, CFO | chris.hearne@serica-energy.com | +44 (0)20 7487 7300 |
| J.P.Morgan Cazenove | ||
| Steve Baldwin | steve.baldwin@jpmorgancazenove.com | +44 (0)20 7588 2828 |
| Pelham Public Relations | ||
| Philip Dennis Andy Cornelius | philip.dennis@pelhampr.com andy.cornelius@pelhampr.com | +44 (0)20 7337 1516 +44 (0)20 7337 1514 |
Forward Looking Statements
This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To receive Company news releases via email, please contact malika.shermatova@pelhampr.com and specify "Serica press releases" in the subject line.