Scandoil  

Greenfields Petroleum announces funding the default of Baghlan Energy Limited


Published Jul 25, 2014
Greenfields Petroleum Corporation-2

Greenfields Petroleum Corporation says that pursuant to the terms of the investment and shareholders agreement with respect to Bahar Energy Limited (BEL), Greenfields Petroleum International Company Ltd. (GPIC), a wholly-owned subsidiary of the Company, has funded, by way of a loan to BEL, approximately US$16.5 million of defaulted obligations (the "Default Amount") of the other shareholder of BEL, Baghlan Energy Limited (Baghlan).

BEL is the parent of Bahar Energy Operating Company Limited, being the operating company with respect to the Gum Deniz Oil Field and Bahar Gas Field.

Baghlan has failed to fund its share of the costs of BEL in accordance with the Shareholders Agreement and its funding loan obligation to BEL since January 1, 2014.

Tags: Greenfields Petroleum Corporation




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml