IOG plc is in discussions with bondholders for a further waiver on the postponed interest payment due today under the €100 million senior secured bond.
STABILITY
The company, which owns the Saturn Banks infrastructure and gas licences in the southern North Sea, deferred the initial payment from 20 June to 31 July.
IOG today said it was at an advanced stage of agreeing a further waiver “in order to provide an additional period of stability to address balance sheet challenges”.
“In addition, no plan has yet been agreed around a longer term solution, on which a number of potential options will continue to be discussed with bondholders,” the company added.
Failure to obtain a further waiver could see IOG potentially put into administration, which it said was an unlikely outcome.
OPERATIONS
IOG also reported from its offshore operations where the Blythe well H2 gas rate has naturally declined to currently 26 mmscf/d, with higher than 95% operating efficiency in July and no associated water production.
The Perenco Bacton terminal annual one-week maintenance shutdown scheduled for early August will reduce average production for the month.