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Po Valley Energy Limited
All rights reserved.
Po Valley Energy Limited
All rights reserved.
News & ASX Releases
Po Valley successfully completes refinancing with Nedbank: Provides funds for Growth
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.
CONTACTS:
Giovanni Catalano
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