RNS Number : 0652Q
Nautical Petroleum PLC
03 April 2009
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For immediate release
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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 £7.5 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 £20 million and this undrawn £7.5 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
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020 7550 4890
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Steve Jenkins, Chief Executive Officer
Paul Jennings, Commercial Director
Will Mathers, Finance Director
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Buchanan Communications
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020 7466 5000
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Ben Willey
Ben Romney
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Evolution Securities - Nominated Advisor & Joint Broker
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020 7071 4300
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Rob Collins
Neil Elliot
Adam James
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Ambrian Partners Limited - Joint Broker
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020 7634 4700
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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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