US company extends loan agreement in Azerbaijan

US company extends loan agreement in Azerbaijan

Baku, Azerbaijan, March 9

By Maksim Tsurkov - Trend:

The US company Greenfields Petroleum for the third time has prolonged the loan agreement on the allocation of funds to develop the Bahar-Gum Deniz block of Azerbaijani oil and gas fields in the Caspian Sea and the financing of operational activity of the company Bahar Energy, the Greenfields Petroleum said in a message.

Greenfields Petroleum owns a 33.33 percent share in Bahar Energy, which is the development operator of the Bahar-Gum Deniz block.

"In accordance with the signed document, the repayment period on the loan agreement has been extended from November 25, 2013 till March 15, 2016," the company said in a message.

"This will give the company additional time to evaluate options of refinancing and restructuring of the main part of the loan worth $27 million, including accrued interest. The interest rate will vary within 15-20 percent."

Earlier, Greenfields Petroleum extended the agreement until February 29, 2016.

Previously, SOCAR signed a production sharing agreement (PSA) with Bahar Energy Ltd. for exploration, rehabilitation, development and extraction at the Bahar-Gum Deniz block.

The PSA's second part involves an exploration at the Bahar-2 structure.

Bahar Energy Ltd., according to initial estimates, will invest $1 billion for implementation of works under the PSA. Bahar field, located 40 km southeast of Baku, the capital of Azerbaijan, has been developed since 1969.

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