Greenfields Petroleum Corporation, which is the operator of the Bahar-Gum Deniz block in Azerbaijan through its subsidiary Bahar Energy Limited (BEL), has announced an extension of senior secured debt payments, Report informs referring to the corporation’s website.
Vitol Energy (Bermuda) Ltd, the company’s senior debt lender, has agreed to amend further the forbearance agreement executed on November 28, 2019, and previously modified 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 Vitol Loan company until April 30, 2020.
In consideration of 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 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 Azerbaijan (SOCAR) and SOCAR Oil Affiliate, 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.
The Bahar Gas Field consists of 45 offshore platforms, including a central processing and metering platform, to gather the gas for onward transport through three 12-inch pipelines to the shore-based gas and liquid handling facilities.
The Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field. The Gum Deniz Oil Field extends from onshore Gum Island, which is 2.5 km from the mainland to the south in the Caspian Sea.