Signing of a New Revolving Credit Facility

RNS Number : 1439M

Enteq Upstream PLC

13 September 2012

 



13 September 2012

Enteq Upstream plc

("Enteq" or the "Company")

Signing of a New Revolving Credit Facility

Enteq Upstream plc, the oil and gas field services company, today announces that it has successfully secured a US$15 million revolving credit facility ("RCF") from HSBC Bank plc. This marks Enteq's initial RCF and delivers increased flexibility to enable the Company to continue to pursue its strategy of building a focused oil & gas products and technology business. 

The Company intends to publish its results for the half-year ending 30 September 2012 on 28 November 2012.

Ian Leaman, Chief Financial Officer of Enteq, commented:

"I am delighted that the Company has secured this US$15 million facility with HSBC. It both endorses the Company's strategy for growth and demonstrates our ability to access debt finance. The facility provides us with deeper financial resources as we continue to develop our existing businesses and pursue further acquisition opportunities in the oil and gas products and technology markets."

For further information, please contact:

Enteq Upstream plc	[phone]
Martin Perry, Chief Executive Officer
Ian Leaman, Chief Financial Officer
Investec Bank plc	[phone]
James Grace, Patrick Robb
David Anderson
Pelham Bell Pottinger	[phone]
Mark Antelme, Charlie Stewart

 

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