Exillon Energy Plc Receipt of Ratings; Annual Report Publication (3737B)
April 02 2013 - 10:20AM
UK Regulatory
TIDMEXI
RNS Number : 3737B
Exillon Energy Plc
02 April 2013
Exillon Energy Plc
Receipt of Ratings and Publication of Annual Report
2 April 2013
2 April 2013 - Exillon Energy plc ("Exillon") (EXI.LN), a London
Premium listed independent oil producer with assets in two oil-rich
regions of northern Russia, Timan-Pechora ("Exillon TP") and West
Siberia ("Exillon WS"), today announces ratings from S&P and
Fitch.
Exillon is pleased to announce that it has received the
following debt ratings:
-- S&P: rated B (stable outlook)
-- Fitch: rated B- (positive outlook)
Further details of these ratings will be announced directly by
the ratings agencies concerned.
Exillon's last reported cash balance (as of 21 March 2013) was
US$121.2 million. Of this total cash balance, US$100 million has
been borrowed from Credit Suisse, under a term loan that matures in
March 2017. This is currently our only outstanding indebtedness.
The balance of US$21.2 million is our net available cash. Our
EBITDA during the 2012 fiscal year was US$46.1 million.
Mark Martin, CEO said:
"Exillon is always open to opportunities to improve the terms of
its credit facilities. These two ratings are evidence of the
growing maturity of our business, and enhance our flexibility to
take advantage of market opportunities as and when they arise."
"In the event that we raise any new debt it would in the first
instance be used to repay our existing loan, which matures in
2017."
Exillon also announces that it has published its Annual Report
and Accounts for 2012 and can be viewed on www.exillonenergy.com.
The Report has also been submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.hemscott.com/nsm.do.
Media contact:
Tom Blackwell
Email: Blackwell@mcomgroup.com
Tel: +44 207 920 2330
The ratings above were solicited by, or on behalf of, the
issuer, and therefore, Fitch and S&P has been compensated for
the provision of the ratings. A rating is not a recommendation to
buy, sell or hold any securities and may be subject to revision,
suspension or withdrawal at any time by the assigning rating
organization. Similar ratings for different types of issuers do not
necessarily mean the same thing. The significance of each rating
should be analysed independently from any other rating.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts included in
this press release, including, without limitation, those which
reflect our current views or, as appropriate, those of our
directors, with respect to financial performance, business
strategy, plans and objectives of management for future operations
are forward looking statements. Statements that include the words
"expects", "intends", "plans", "believes", "anticipates", "will",
"targets", "may", "would", "could", "continue" and similar
statements of a future or forward-looking nature identify
forward-looking statements.
All forward-looking statements included in this press release
involve known and unknown risks and uncertainties. Accordingly,
there are or will be important factors that could cause our actual
results, performance or achievements to differ materially from
those indicated in these statements. Any forward-looking statements
in these materials reflect our current views with respect to future
events and are subject to these and other risks, uncertainties and
assumptions relating to the our results of operations, growth
strategy and liquidity. Any forward-looking statements speak only
as at the date of this press release. We undertake no obligation to
update publicly or review any forward-looking statement, whether as
a result of new information, future developments or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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