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Niko Resources continues to progress options to refinance its credit facility


Published Nov 5, 2013
Niko makes three more discoveries in east coast blocks KG-D6 And NEC-25,offshore India-Spotlight

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.

Tags: Niko Resources Ltd.




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