The agency said it reached a address a committee of holders of notes and bonds to enter into a “standstillsettlement” on interest payments for April. The settlement includes the majority of the agency‘s bondholders, though they represent much less than seventy five percentage of total holders.
“The cause of the standstill agreement is to offer the business enterprise with an prolonged duration tokeep the stakeholder discussions beyond the expiry of the grace periods for the April 2016 coupon bills,” itdefined in a announcement.
The organisation, which has headquarters in London, began sounding the alarm ultimate month, with CEO Jon Ferrier pronouncing “strenuous efforts” have been underway to make sure operations within theKurdish north of Iraq had been shifting in the direction of the aim of returns on investments and increasedproduction.
The business enterprise said it changed into about three percent quick of the vital capital to holdoutput regular 27 percentage brief of the price range necessary to raise manufacturing to its goal fee of55,000 barrels of oil in keeping with day.
The business enterprise has already relinquished non-core property in the Kurdish north and become stillworking to “aggressively manage” its prices. The employer over the last few months has been supportedby way of payments from the Kurdish authorities for oil exports from its Shaikan improvement, but statednew capital become had to lay a foundation for destiny increase.
Gulf Keystone Petroleum final 12 months said it changed into seeking out partners or capabilityshoppers as part of a long–time period strategic assessment.
“A in addition announcement might be made in due path,” it said in its Friday statement.”