14 July 2021
Rurelec PLC
("Rurelec" or the "Company")
Partial Debt Repayment
Further to the announcement of 23 October 2020 the Directors of Rurelec PLC (AIM: RUR) confirm that Rurelec have now received a further payment US $480,000 from Patagonia Energy Limited ("PEL") by way of partial repayment of the Amended and Restated Loan Notes (the "Loan Notes").
Since the announcement on 21 November 2019, when the Loan Notes were executed, PEL has received repayments from Energia del Sur, S.A. totalling US $4.4 million. To date PEL has made repayments of US $4.3 million on the Amended and Restated Loan Notes of which Rurelec has received US $3.4 million. The total balance outstanding on the Loan Notes is now approximately US $19.6 million and it is agreed the next payment of US $0.7 million will be shared 80:20 between Rurelec and Basic Energy Limited ("Basic") (the ultimate shareholders of PEL) and then the balance paid 72:28 thereafter (Rurelec:Basic).
The total amount owing to Rurelec is US $14.1million.
There can be no guarantee as to when any further loan repayments will be made and as set out in the announcement of 28 June 2021 the Company's working capital position remains under review pending the resolution of the Argentine spot energy tariffs for electricity. Further updates will be provided in due course.
For further information please contact:
| Rurelec PLC | W H Ireland (Nomad & Broker) |
| Simon Morris, Director Andy Coveney, Director | Katy Mitchell Lydia Zychowska |
| Tel: 020 7549 2839/40 | Tel: 020 7220 1666 |
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