SOGP Sovereign Oil

 

TIDMSOGP 
 
RNS Number : 3478D 
Sovereign Oilfield Group plc 
01 December 2009 
 

 
 
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| FOR IMMEDIATE RELEASE                 |                      1 December 2009  | 
| 0926                                  |                                       | 
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SOVEREIGN OILFIELD GROUP Plc 
 
 
("Sovereign" or "the Company" or "the Group") 
 
 
Board Changes and Update on Renegotiations with the Lending Consortium 
 
 
The Board of Sovereign announces the immediate resignation of Graham burgess as 
Chairman and Chief Executive and Julie Cowie as Group Finance Director. The 
Board thanks them for their contribution over the last few years. Chris 
McGeehan, currently Chief Operating Officer, has assumed the role of Interim 
Chief Executive. 
 
 
As reported on 23 November 2009, the Board are continuing further discussions 
with its lending consortium to re-negotiate the terms of its existing loans and 
seek additional finance. 
 
 
The Board is encouraged by the progress on funding discussions which are 
progressing satisfactorily. One of the options being considered by the Board, is 
a debt for equity swap, which would be dilutive to current shareholders but 
would reduce debt and increase the capital base of the Group. Whilst the final 
funding negotiations are not complete, the lending syndicate has already 
provided additional funding on 27 November 2009. 
 
 
A further announcement will be made as appropriate. 
 
 
Further information: 
 
 
Sovereign Oilfield Group Plc 
    Tel: 01224 261900 
Christopher McGeehan, Interim Chief Executive 
Stuart Pearson, Non-executive Director 
 
 
Charles Stanley Securities - Nominated Adviser                             Tel: 
0207 149 6000 
Mark Taylor/Freddy Crossley 
 
 
Buchanan Communications    Tel: 020 7466 5000 
Tim Thompson, Catherine Breen 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 BOAURARRKWRAOUA 
 

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