Hurricane Energy PLC (LSE:HUR) has chipped away at its convertible bond debt, repurchasing US$15mln of bonds.
The transaction cost was US$14mln including accrued interest and the company noted that the buy-back saves US$1.8mln of interest charges.
Hurricane still has US$137mln of outstanding bonds due in 2022.
"Managing our outstanding debt is a key focus for Hurricane and I am pleased we have been able to take this positive opportunity to further reduce our bond obligations,” said chief executive Antony Maris.
“Despite the current economic climate and volatile oil price, and the remaining challenge of bridging any funding gap for the repayment of the bonds, we will continue to look at all options to maximise value from our assets as we focus on meeting our debt repayment obligations and beyond."