30th Jun 2016 07:29
LONDON (Alliance News) - US-focused oil and gas firm Nighthawk Energy PLC on Thursdy said it has entered an amended agreement with lender Commonwealth Bank of Australia.
The new USD23.0 million loan will carry an interest rate of Libor plus 6.0 percentage points, payable monthly in cash.
An additional USD3.0 million has been negotiated to back the Arikaree Creek water flood project in the US state of Colorado.
Nighthawk will no longer be subject to the original financial covenants on the agreement and said the new covenants negotiated are "more reflective of the current market".
"I am pleased to announce this new agreement with our banking partner, CBA. This is the culmination of much work by a number of parties and I am extremely pleased with the support we have received from everyone involved," said Nighthawk Chairman Rick McCullough.
Nighthawk shares were up 54% to 1.19 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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