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Greenfields Petroleum announces extension of senior secured debt payments




(MENAFN - Trend News Agency) Baku, Azerbaijan, May 30

By Leman Zeynalova – Trend:


Greenfields Petroleum Corporation, which is the operator of the Bahar-Gum Deniz block in Azerbaijan through its subsidiary Bahar Energy Limited (BEL), has announced extension of senior secured debt payments,Trendreports.


The company has executed payment deferral letters with its senior debt lender, Vitol Energy (Bermuda) Ltd. ('Vitol'), to defer payments in the aggregate of $8.3 million until June 30, 2019.


The company anticipates the deferrals will give the сompany sufficient time to comply with its obligations under the thirteenth amending agreement to the loan agreement between the сompany and Vitol.


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.


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 a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.


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. The Gum Deniz Oil Field is found along the Fatmai–Gum Adasi anticlinal trend which includes the Bahar and Shakh Deniz structures. Oil in the Gum Deniz Oil Field is trapped in a north-south trending structure that is approximately 16 kilometres in length and 3 kilometres in width. The Gum Deniz Oil Field is structurally up-dip from the Bahar Gas Field.


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Greenfields Petroleum announces extension of senior secured debt payments

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