BAKU, Azerbaijan, Dec.5
By Leman Zeynalova – Trend:
Greenfields Petroleum Corporation of the US intends to further extend the maturity of its debt to Vitol Group, a Swiss-based and Dutch-owned multinational energy and commodities company, Trend reports citing Greenfields Petroleum.
On October 29, 2019, Vitol demanded repayment of all amounts owing under its secured loan agreement with the Corporation (the Vitol Loan).
Subsequently, Vitol and the Corporation entered into a limited forbearance, deferral and reservation of rights agreement pursuant to which Vitol agreed to forbear from exercising its rights and remedies under the Vitol Loan and defer payments in the aggregate of $14.3 million (including restructuring fee-$1.4m) until December 31, 2019.
The Company continues to try and execute deferral letters with short term lenders to extend maturity until December 31, 2019.
On November 18, 2019, the directors of the Company terminated the stock option plan of the Company. All outstanding stock options were surrendered for cancellation prior to the termination of the plan.
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.
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