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Amendment of credit facility repayment schedule |
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Own release
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08.12.2011 |
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The Management Board of PETROLINVEST S.A. (the "Company") announces that on 8 December 2011, in connection with the arrangements made with PKO Bank Polski S.A. and Bank Gospodarstwa Krajowego regarding the amendment of the repayment schedule for the credit facility granted under the agreement of 21 March 2007 (the “Agreement”) with the aim of adjusting the contractual repayments to the present stage of the exploration and production project, in particular to the works carried out within the OTG Contract in Kazakhstan aimed at (i) testing the Shyrak-1 well (ii) commencing the drilling of the Koblandy-4 well under the agreement with TOTAL (iii) launching industrial production of the resources discovered and (iv) selling non-strategic exploration assets, the Company received an annex to the Agreement concluded on 6 December 2011, whereby the deadline for the repayment of the payable credit facility instalment of USD 33,393,690.92 is changed from 31 December 2011 to 31 March 2012.
Given the fact that during the period subject to the aforementioned extension arrangements will be made to extend the present contractual term of the facility to 2014 and to adjust the repayment schedule to the projected cash flows resulting from the exploration and production project implemented in Kazakhstan, the present change is of temporary nature. The Company expects that the schedule will shortly undergo further amendments, in accordance with the assumptions presented. Download current report no. 114/2011 |
