The company stated it reached a address a committee of holders of notes and bonds to go into right into a “standstill settlement” on hobby payments for April. The agreement consists of the bulk of theenterprise‘s bondholders, even though they constitute much less than seventy five percentage ofgeneral holders.
“The reason of the standstill settlement is to offer the corporation with an prolonged duration to hold the stakeholder discussions beyond the expiry of the grace durations for the April 2016 coupon payments,” itexplained in a statement.
The company, which has headquarters in London, started out sounding the alarm remaining month, with CEO Jon Ferrier pronouncing “strenuous efforts” had been underway to make certain operations inside theKurdish north of Iraq have been moving in the direction of the intention of returns on investments andelevated manufacturing.
The organisation stated it changed into about 3 percentage short of the essential capital to maintainoutput regular 27 percent quick of the finances necessary to elevate manufacturing to its target price offifty five,000 barrels of oil according to day.
The business enterprise has already relinquished non-core belongings in the Kurdish north and changed into nevertheless operating to “aggressively manage” its prices. The company over the past few months has been supported by means of bills from the Kurdish government for oil exports from its Shaikandevelopment, but stated new capital became had to lay a foundation for destiny boom.
Gulf Keystone Petroleum ultimate yr stated it turned into looking for companions or potential customersas a part of a protracted–term strategic review.
“A further declaration may be made in due course,” it stated in its Friday declaration.