Exillon Energy Plc Receipt of Ratings; Annual Report Publication (3737B)

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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