US company Greenfields Petroleum Corporation, the operator of Bahar-Gum-Deniz block of fields, has announced an extension of the agreement to defer payment of its senior secured debt.
Report informs, citing foreign media, that the company's senior debt lender Vitol Energy has agreed to extend the deferred payments due under the senior secured loan agreement until March 16.
Greenfields has agreed to move forward with a proposal for a debt to equity conversion in respect of the majority of the principal amount owed under the Vitol Loan and to continue to seek strategic alternatives available to the company.
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, 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 and SOCAR Oil Affiliate, in respect of the Bahar Project, which includes the Bahar Gas Field and the Gum Deniz Oil Field.
The Bahar gas condensate field discovered in 1968 locates offshore, 40 km southeast of Baku.
Gum Deniz oil field is an offshore oil and gas field 21 km southeast of Baku. Its industrial development started in 1955.