The bonds, which carry a 7.625% coupon, will be bought back on 20 March, the company said.

Ridgebury will tap into its excess cash to complete the move, a figure which stood at $19.4m at the end of December.

The bond represents the company's only debt.

Last week on reporting its annual accounts Ridgebury Crude said it had sufficient liquidity from operations, reserves and additional shareholders’ funds to meet the obligations as they come due.

Ridgebury