RE: Kenya deal22 Apr 2025 15:51
In addition, if a holistic refinancing was not executed by the of June 2025 and receipt of proceeds from the sale of Tullow Oil Gabon SA was delayed (as assumed in the Low Case scenario), the Directors plan to enter into discussions with the lenders under the RCF to extend the maturity of the facility to align with the timing of completion of the holistic refinancing or the receipt of proceeds from the sale of Tullow Oil Gabon SA. Should this not be possible, the Directors will pursue alternative bridge financing from commodity traders or secure an alternative source of financing from private credit markets ahead of the projected shortfall at the end of June 2025. The Directors have received unsolicited offers of credit from such counterparties in excess of the need to alleviate the projected shortfall and would seek to engage with them and progress such offers, if required.
The Directors note that despite expressions of interest from private as well as public parties for participation in the holistic debt refinancing, implementing a holistic refinancing is outside the control of the Group. If the Directors were unable to implement a refinancing proposal, the ability of the Group to continue trading would depend upon the Group being able to negotiate a financial restructuring proposal with its creditors and, if necessary, that proposal being approved by shareholders. Whilst the Board would seek to negotiate such a financial restructuring proposal with its creditors, it is possible that the creditors would not engage with the Board in those circumstances. There would therefore be a possible risk of the Group entering into insolvency proceedings, which the Directors consider would likely result in limited or no value being returned to shareholders.
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