Flash note: Bank waiver extended
During 2015, the combination of adjustments to reserves (after a 2014 CPR), drop in oil prices and reduction in the capex programme reduced the availability of the senior bank facility and led to a requirement to make material repayments on the company’s loans. Petroceltic was not able to make these repayments and continues to seek ways to secure additional financing, create liquidity and/or reduce financial commitments. On 23 December, the company initiated a strategic review with a view to considering all options to maximise value for stakeholders. It has received a number of conditional proposals and expressions of interest for its assets – negotiations are ongoing. Given the limited liquidity available to Petroceltic, the lender group agreed to waivers until 15 January. On 18 January, these waivers were extended until 29 January. In view of the strategic process we are withdrawing our forecasts and valuation.
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