Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/niko-resources-continues-to-progress-options-to-re.shtmlNiko Resources continues to progress options to refinance its credit facility
Niko Resources Ltd. provides the following updates: The Company continues to progress options to refinance its credit facility to provide increased funding for future capital programs
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Niko Resources Ltd. provides the following updates:
Financing Updates
Potential Refinancing of the Company's Credit Facility
The Company continues to progress options to refinance its credit facility to provide increased funding for future capital programs.
Credit Facility
The Company is working with its credit facility syndicate banks on a deferral to November 29, 2013 of the date for the re-determination of the borrowing base under its credit facility and to December 31, 2013 for any required adjustment to outstanding borrowings to reflect the new borrowing base, and has requested a waiver of a provision in a previous consent agreement regarding a restriction on the use of cash balances.
Drilling Contracts
The Company has outstanding invoices with Diamond Offshore and is in discussions regarding payment and its obligations under the contracts for the Ocean Monarch and Ocean Lexington rigs.
