Baku, Azerbaijan, May 1
By Leman Zeynalova – Trend:
Greenfields Petroleum Corporation, which is the operator of the Bahar-Gum Deniz block in Azerbaijan through its subsidiary Bahar Energy Limited (BEL), has announced extension of senior secured debt payments, Trend reports citing the company.
Reportedly, the company has executed payment deferral letters with its senior debt lender, Vitol Energy (Bermuda) Ltd., to defer payments in the aggregate of $8.3 million until May 31, 2019.
Greenfields Petroleum said it anticipates the deferrals will give the company sufficient time to comply with its obligations under the thirteenth amending agreement to the loan agreement between the company and Vitol.
Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in Azerbaijan. Through its wholly owned subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the “ERDPSA”) with the State Oil Company of Azerbaijan ("SOCAR") and its affiliate SOCAR Oil Affiliate (“SOA”) in respect of the offshore block known as Bahar Gum Deniz (the “Bahar Project”) which includes the Bahar Gas Field and the Gum Deniz Oil Field.
The Bahar Project is operated by BEOC, a wholly owned subsidiary of BEL, under the terms of a Joint Operating Agreement.
Follow the author on Twitter: @Lyaman_Zeyn