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LGO Energy agrees debt payment deal with BNP for March

BNP Paribas has agreed to a deal that eases pressure in the short-term, but, a new longer term funding deal will still be needed.
LGO Energy agrees debt payment deal with BNP for March
Debt payment for March is reduced to $100,000

LGO Energy (LON:LGO) has reached agreement with its lender, BNP Parisbas, which sees its debt repayment reduced.

The scheduled payment for March is reduced to $100,000, and after that the remaining balance will be recovered over the following 18 months.

Any further reduction of the debt payments, for April, would require separate agreement in due course. The final debt payment is due no later than September 2017.

Neil Ritson, chief executive, said: "Whilst the company welcomes the contribution of BNP Paribas to managing short-term cash flow, which remains tight in this period of low commodity prices and reduced field activity, it should be noted that the repayment schedule will require substantial new funding to be raised by the Company which remains uncertain and cannot be guaranteed."

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Newswire
June 14 2016

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