SOGP Sovereign Oil

    RNS Number : 6542I
  Sovereign Oilfield Group plc
  21 November 2008
   


 FOR IMMEDIATE RELEASE  Friday 21 November 2008 
 Ref: 0815


    SOVEREIGN OILFIELD GROUP Plc

    ("Sovereign" or "the Company" or "the Group")

    Update on re-financing activities and share suspension


    Re-financing Activities

    Further to the Group's announcement on 26 September, the Board of Sovereign announces that the Group has secured additional working
capital facilities from a number of its existing lenders at rates equivalent to its current Senior debt.

    Meanwhile, the Group continues to make progress in its negotiations with both existing Lenders and new Lenders regarding a longer term
re-structuring of the Group's debt facilities. 

    Share Suspension

    The Company's shares were suspended from trading on 26 September 2008 because the Annual Report and Accounts for the year ended 31 March
2008 had not been published within the required period of 6 months from the period end.  

    The Board anticipates that the report and accounts for Sovereign for the year ended 31 March 2008 will be released following completion
of the re-negotiation of its banking arrangements.

    Further information:
 Sovereign Oilfield Group Plc                    Tel: 01224 261900
 Graham Burgess, Chief Executive Officer
 Julie Cowie, Finance Director

 Buchanan Communications                         Tel: 0207 466 5000
 Tim Thompson/Catherine Breen

 Charles Stanley Securities - Nominated Advisor  Tel: 0207 149 6000
 Mark Taylor/Freddy Crossley

    About Sovereign Oilfield Group Plc

    Sovereign, which joined AIM in September 2005, was formed in October 2003, by Dr Peter Felter and Mr Graham Burgess, for the specific
purpose of developing an oilfield service company focused on:

    *     The provision of engineering, fabrication and drilling services and personnel to oil and gas companies and contractors in the UK
and internationally
    *     The promotion of new 'high tech' IP and technologies for enhancing oil and gas drilling and production.

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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