Greenfields Petroleum announces agreement to defer payment of its senior secured debt
BAKU, Azerbaijan, March 27
By Leman Zeynalova - Trend:
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 further amend the forbearance agreement executed on November 28, 2019 and previously amended on January 3, 2020 and March 16, 2020, by extending the forbearance period and deferred payments due under the senior secured loan agreement with the company until April 30, 2020, Trend reports citing Greenfields Petroleum.
In consideration for amending the Forbearance Agreement, the company has agreed to move forward with a proposal for a debt to equity conversion of the unsecured debt and a portion of the senior secured debt owed by the Company and to continue to seek strategic alternatives available.
Greenfields is an oil and natural gas company focused on the development and production of proven oil and gas reserves in the Republic of Azerbaijan. The Company is the sole owner of Bahar Energy Limited (“BEL”), a venture with an 80% participating interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with State Oil Company of the Republic of Azerbaijan (“SOCAR”) and SOCAR Oil Affiliate, in respect of the Bahar Project, which includes the Bahar Gas Field and the Gum Deniz Oil Field. BEL operates the Bahar Project through its wholly owned subsidiary Bahar Energy Operating Company Limited.
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