(MENAFN- ProactiveInvestors - UK) Petroceltic International (LON:PCI) told investors it has received from its lenders a further waiver to the repayment of debt until February 19.
Late last month Petroceltic shares rallied after it emerged major shareholder Worldview Capital was mulling a full cash take over approach for the oil and gas producer.
The AIM company kicked off a strategic review in December and said it would consider asset sales or the sale of the entire company.
As the owner of a significant stake in a world class gas development in Algeria due online in 2019 is asset rich but cash reserves are now running low and it has some US$218mln of debt.
"The company's lenders have also indicated their willingness to consider such further waivers as may be required to continue the strategic review process based on circumstances applying at the time of any application and with specific reference to the progress of the various initiatives being undertaken pursuant to the strategic review" the firm added today.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.