“In accordance with the signed document, the repayment period on the loan agreement has been extended from November 25, 2013 till March 15, 2016,” the company said in a message.
“This will give the company additional time to evaluate options of refinancing and restructuring of the main part of the loan worth $27 million, including accrued interest. The interest rate will vary within 15-20 percent.”
Earlier, Greenfields Petroleum extended the agreement until February 29, 2016.
Previously, SOCAR signed a production sharing agreement (PSA) with Bahar Energy Ltd. for exploration, rehabilitation, development and extraction at the Bahar-Gum Deniz block.
The PSA’s second part involves an exploration at the Bahar-2 structure.
Bahar Energy Ltd., according to initial estimates, will invest $1 billion for implementation of works under the PSA. Bahar field, located 40 km southeast of Baku, the capital of Azerbaijan, has been developed since 1969.
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