RHEP Rheochem

 

TIDMRHEP 
 
RNS Number : 0189T 
Rheochem PLC 
21 September 2010 
 

21 September 2010 
 
                   Rheochem Plc ("Rheochem" or the "Company") 
 
                      Athena Field US$14m Funding Agreement 
 
Rheochem Plc, the oil and gas business with oil services, production, 
development and exploration assets, is pleased to announce the signing of a 
US$14m drawdown loan facility with Gemini Oil & Gas Fund II, LP. 
 
In conjunction with today's announcement that the Athena Field is now in 
development, Gemini has agreed; subject to certain conditions, to provide Zeus 
Petroleum Limited, a fully owned subsidiary of Rheochem plc, with up to US$14m 
of funding for operations relating to the development of the Athena Field. Loan 
interest and repayments are to be paid out of Zeus' future share of the Athena 
gross oil revenues. Zeus holds a 10% interest in North Sea Block 14/18b which 
contains the Athena discovery. 
 
The Company is confident that together with other funding strategies currently 
under consideration which include but are not limited to other debt instruments; 
farm out or trade sale of E&P assets; trade sale of the services business, 
equity raising, and the demerger of the E&P subsidiary with independent funding, 
Rheochem will have adequate funds available to allow Zeus to meets its Athena 
commitments. 
 
Commenting on the announcement Haydn Gardner, CEO of Rheochem, said: 
 
"I am delighted to report that, not only has the Athena field moved into the 
development phase, but that we have taken a significant step forward in our debt 
funding programme with the signing of the loan facility with Gemini." 
 
                                    - Ends - 
 
Enquiries: 
 
 
+------------------------------+------------------------------+ 
| Rheochem Plc                 | +61 (8) 9410 8200            | 
| Haydn Gardner, CEO           |                              | 
|                              |                              | 
+------------------------------+------------------------------+ 
| Financial Dynamics           | +44 (0) 20 7269 7207         | 
| Billy Clegg / Alex Beagley   |                              | 
|                              |                              | 
+------------------------------+------------------------------+ 
| Astaire Securities Plc       | +44 (0) 20 7492 4750         | 
| Shane Gallwey                |                              | 
|                              |                              | 
+------------------------------+------------------------------+ 
| McCall, Aitken, McKenzie     | +44 (0) 20 7464 4062         | 
| Andy Yeo                     |                              | 
+------------------------------+------------------------------+ 
 
Further information 
In accordance with AIM guidelines, Haydn Gardner, B.App.Sc and CEO of Rheochem 
is the qualified person that has reviewed the technical information contained in 
this press release.  Haydn Gardner has 20 years of experience in the oil and gas 
industry. 
 
Gemini Oil & Gas Fund II, L.P. (Gemini II) 
Is a closed-ended, international oil and gas royalty fund, which was established 
in Jersey, Channel Islands in June 2005. Gemini II has raised investor 
commitments totalling US$140 million and is continuing the strategy developed by 
the first fund, Gemini I, of acquiring oil and gas royalties through provision 
of investment funds to companies. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGREAKNFADSEEEF 
 

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