SeaEnergy has agreed an extension to the terms of an existing £3.8 million loan facility until 31 January 2011, the facility is provided by LC Capital Master Fund, Ltd (LC), a major shareholder in SeaEnergy.

This follows an announcement on 30 September 2010 that LC had agreed an increase to and extension of the repayment of the loan facility until the earlier of 31 December 2010 or completion of the SeaEnergy Renewables Limited ('SERL') sale process. With disposal negotiations now at an advanced stage, LC has now agreed to extend the repayment terms of this loan facility to support the expected completion timetable. At this time £1.15 million of the facility remains to be drawn by SeaEnergy.

While the negotiations for the disposal of SERL are at an advanced stage, there can be no certainty that they will result in the disposal of SERL. Further announcements will be made in due course.

Tags: SeaEnergy Renewables Limited