May 6, 2013
Po Valley Energy Limited (ASX:PVE) is pleased to announce the completion
of a €20 million Reserve Based Lending (RBL) facility with the London
branch of Nedbank Group Limited, one of the four largest banking groups
in South Africa.
The new five year term RBL facility replaces the Company’s current
facility with Lloyds Bank, which has a maturity date of November 2013
and has a current drawn balance of €4 million.
Po Valley CEO & MD, Mr Giovanni Catalano commented: “Considering the
current European and global economic climate we are very pleased to
have received the commitment from Nedbank on satisfactory terms. We look
forward to a long and productive association with them. Funding under
the Lloyds facility enabled PVE to transform from an exploration company
to a production company. The new Nedbank facility allows us to fund the
next stage of the Company’s growth opportunities which include two
final production concession grants (one imminent), the development of
our first offshore permit and other projects in the Company’s pipeline”.
Background on Nedbank Capital
Nedbank Capital is based at the Group’s head office in Sandton,
Johannesburg, with operational centres in Durban, Cape Town, as well as
representative offices in London, Toronto, Angola and Namibia.
The London branch of Nedbank, established in 1906, is one of the oldest
foreign banks in the City of London, having celebrated its 100-year
anniversary in 2006. The London branch is an integral part of the
Nedbank Group and functions as a fully integrated extension of the
bank’s South African offering. It houses investment and corporate
banking expertise and boutique retail banking services.
Po Valley Energy
+39 06 4201 62 75
About Po Valley Energy
Po Valley Energy (ASX: PVE) is an oil and gas producer and exploration
company listed on the Australian Stock Exchange. It has an expanding
portfolio of hydrocarbon assets in northern Italy. Po Valley holds 12
license areas, encompassing 2,000 square kilometres and owns and
operates two gas treatment plants. The Po Valley region is the main gas
production zone in Italy. The Company’s web site is www.povalley.com
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