TIDMNPE
RNS Number : 0652Q
Nautical Petroleum PLC
03 April 2009
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| For immediate release | 3 April 2009 |
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Nautical Petroleum plc
("Nautical" or "the Company")
Extension of Secured Bank Facility
Nautical Petroleum plc (AIM: NPE), the developer of heavy oil assets on the UKCS
and in Europe, today announces that it has successfully extended its GBP7.5
million secured facility with Bank of Scotland Plc, for a period of 3 years.
Funds drawn under the facility are subject to a margin of 2.75% above Sterling
LIBOR, with the final repayment date being 31 May 2012.
Commenting today, Steve Jenkins, Chief Executive Officer, said:
"The successful extension of our facility for a period of 3 years endorses
both the quality of the assets of the Company and the strength of our banking
relationships. With no existing debt, cash of over GBP20 million and this
undrawn GBP7.5 million secured facility in place, Nautical is well capitalised
to progress our core assets to FDP submission and further enhance our
portfolio."
For further information please contact:
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| Nautical Petroleum plc | 020 7550 4890 |
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| Steve Jenkins, Chief Executive Officer | |
| Paul Jennings, Commercial Director | |
| Will Mathers, Finance Director | |
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| | |
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| Buchanan Communications | 020 7466 5000 |
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| Ben Willey | |
| Ben Romney | |
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| | |
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| Evolution Securities - Nominated Advisor & Joint | 020 7071 4300 |
| Broker | |
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| Rob Collins | |
| Neil Elliot | |
| Adam James | |
| | |
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| Ambrian Partners Limited - Joint Broker | 020 7634 4700 |
+-----------------------------------------------------+---------------+
| Richard Swindells | |
| Alexandra Carse | |
| | |
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This information is provided by RNS
The company news service from the London Stock Exchange
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