JKX Oil & Gas has confirmed a repurchase by the company of $1.4million in outstanding convertible bonds.
The company said the bonds will mature in 2018.
In a statement, the firm said it intends to cancel the bonds it has repurchased and continues to explore various options for restructuring the remaining $22.4million of bonds set out in its operational update.
Earlier this month, JKX Oil revealed it has been forced to make staff cuts in Russia, Ukraine and London as it battles a prolonged sector downturn.
However, the firm confirmed a new field development plan (FDP) could unlock 600 billion cubic feet of gas from one of its most technically challenging fields.
In London, the firm has consolidated its head office from four floors to one. It is now looking for new tenants to mitigate its rent obligations. In Ukraine, it cut its staff by 29% – 125 jobs. In Russia, JkX is targeting a 20% rduction in staff numbers by early 2017.
Its new development plan is targeted at Ukraine’s Rudenkivske field.