BAKU, Azerbaijan, Jan.9
By Leman Zeynalova – Trend:
Greenfields Petroleum has extended the agreement to defer payment of its senior secured debt, Trend reports citing the company.
“Greenfields Petroleum Corporation, a production focused company with operating assets in Azerbaijan, announces that Vitol Energy (Bermuda) Ltd., the company’s senior debt lender, has agreed to amend the forbearance agreement executed on November 28, 2019 by extending the forbearance period and deferring payments due under the senior secured loan agreement with the Company until January 31, 2020,” said the company.
In consideration of amending the Forbearance Agreement, the company has agreed, subject to the approval of the TSX Venture Exchange, to move forward with a proposal for a debt to equity conversion of a majority of the Company’s borrowings and to continue to seek strategic alternatives available to the Company.
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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