Redbank Energy Limited | ABN 67 116 665 608

Level 11, 20 Bridge Street, Sydney NSW 2000 |

T+ 61 2 9372 2600 | F+ 61 2 9372 2610

ASX Release

7 January 2013

UPDATE ON REDBANK PROJECT BANK SUPPORT AGREEMENT

Redbank Energy Limited's (ASX:AEJ) wholly owned subsidiary Redbank Project Pty Ltd is continuing discussions with its lending syndicate in relation to entering into a five month extension of the Bank Support Agreement.
As previously announced, Syncora Guarantee, Inc. provided a short-term forbearance to 4
January 2013 in order to facilitate negotiations. This forbearance has been extended to Tuesday
8 January 2013 in order to agree provisions relating to the parties' commitment to enter into a long-term restructure as well as steps towards agreeing a plan to ameliorate potential value destruction if the company should become insolvent during the period of bank support. If these provisions are not agreed in the required time, the period of lender support will come to an end and the directors of Redbank Project will be required to respond accordingly in light of their duties and obligations.

ENDS


Further Information:
John Remedios
Manager Corporate - Redbank
T + 61 2 9372 2600

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