Mediterranean rejigs bond terms
Mediterranean Oil & Gas has renegotiated the terms of its convertible
bonds, saying the move will put the company in a better position to
undertake development as well as provide cash for its pending projects.
The restructured unsecured bonds have a term expiring 31 March 2009, and no
further interest is payable from 1 April until expiry - a reduction from
the current rate of 6%, the company said in a statement.
The renegotiation will support the company's work in the development of the
Guendalina gas field, the appraisal and development of the Ombrina Mare
oilfield, and three major wells over the next three to seven months.
12 July 2007 14:29 GMT
| last updated:
12 July 2007 14:29 GMT
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