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LONDON (Alliance News) - Afren PLC late Friday said it has struck a deal with the lenders on its USD300 million Ebok facility for the deferral to February 27 of a USD50 million amortisation payment that had been due on Saturday.
In a a statement issued after the market close Friday, the struggling FTSE 250-listed oil and gas company added it has decided to utilise a 30-day grace period under its 2016 bonds in relation to a USD15 million interest payment due on February 1 in order to allow it to complete a review of its capital structure and funding alternatives.
It also remains in talks with the advisers to the ad hoc committee of bondholders formed last week regarding the immediate liquidity and funding needs of the company and remains in talks with third parties regarding capitalising the business.
The statement from Afren came after it said earlier on Friday afternoon that the UK Takeover Panel has granted an extension to the deadline by which SEPLAT Petroleum Development Co PLC has to make a firm offer for the company or walk away from the takeover talks.
SEPLAT, a London-listed Nigerian oil and gas exploration and development company, made a "highly preliminary" approach for Afren late last year, but the latest extension marks the second time that talks have continued past a deadline. A previous deadline of January 19 had been extended to Friday, January 30.
The new deadline of February 13 at 1700 GMT can also be extended with the consent of the Takeover Panel.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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