Nautical Petroleum Extends Secured Bank Facility

Nautical Petroleum plc, the developer of heavy oil assets on the UKCS and in Europe, 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 May 31, 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."