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Zenith Energy Ltd - oil & gas production company - Confirms that the current liability in relation to its USD2.5 million convertible loan facility now stands at USD700,000, while outstanding credit agreement with a financial institution in Azerbaijan has been reduced to total amount of USD25,000.
It has amended the terms of the USD2.5 million convertible loan facility and of an existing revolving credit line, extending the current repayment terms.
"We are always seeking to improve our balance sheet by reducing our debt exposure, specifically to convertible loan facilities," says Chief Executive Andrea Cattaneo.
"The board believes the company shall soon be able to settle all outstanding convertible debt instruments in the event it successfully completes and develops the recently announced acquisitions which have the potential to transform the company's revenue position and profitability in the current oil price environment," says Cattaneo.
Current stock price: 0.925 pence
Year-to-date change: down 30%
By Lucy Heming;Â lucyheming@alliancenews.com
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