RXT Closes Bond Loan

Reservoir Exploration Technology has closed a 5 year senior unsecured bond loan with a total loan amount of NOK 165 million. Participants in the bond issue were Norwegian and international investors.

Proceeds from the bond loan will be used in connection with investments in electromagnetic technology.

The bond loan has a term of 5 years, and will mature in December 2012. Denomination of the bonds will be in NOK 500,000. The loan carries an interest of 3 months NIBOR + 4.75%, payable in quarterly arrears. The issue of the bonds is subject to finalized loan documentation and approval of the loan documentation by the trustee (Norsk Tillitsmann). Pareto Securities AS was manager for the bond issue.