Ruspetro plc today announces that the Company has signed a crude oil prepayment facility with Glencore Energy UK Ltd (“Glencore”) for $30 million.
The facility is for a period of one year and requires the Company to deliver a minimum of 15,000 metric tons per quarter (approximately 1,200 bopd) of crude oil to Glencore.
Tom Reed, Acting CEO, commented: “This facility enables the Company to reinvigorate appraisal and development activity in the field, while strengthening the financial base necessary to prosecute our strategic process.
We will now re-address some of the geological challenges we faced in 2012 with a more measured approach, improved sub-surface modelling and horizontal wells.
In parallel, we continue to work on the monetization of our gas assets and finding the right strategic partner for our oil field. ”
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