(NPE.L) Nautical Petroleum PLC Buy/Sell

RNS Number : 0652Q Nautical Petroleum PLC 03 April 2009

For immediate release 3 April 2009

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:

Nautical Petroleum plc 020 7550 4890

Steve Jenkins, Chief Executive Officer Paul Jennings, Commercial Director Will Mathers, Finance Director
Buchanan Communications 020 7466 5000

Ben Willey Ben Romney

Evolution Securities - Nominated Advisor & Joint Broker 020 7071 4300

Rob Collins Neil Elliot Adam James

Ambrian Partners Limited - Joint Broker 020 7634 4700

Richard Swindells Alexandra Carse

This information is provided by RNS The company news service from the London Stock Exchange

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