Struggling North Sea oil firm Antrim Energy has been given a lifeline after having spending restrictions lifted until the end of February.
The company confirmed today it had agreed a deal to amend its $30million payment swap and Brent oil price commodity swap with Credit Suisse and commodity swap.
The move comes after Antrim revealed last minth it faced higher than expected costs over the Causeway development which would require extra funds to be put in a reserve account.
But Antrim admits it could still sell off its stake in the Causeway field, where it holds a 35.5% interest, after suffering heavy losses in recent months.
The new arrangement will see Antrim allowed access to its currently restricted funds to make payments on the Causeway costs, along with principal and interest charges.
“As at December 5, 2013 a total of $3.85 million in principal payments and $1.2 million in interest payments have been made as scheduled,” Antrim said in a statement.
It has also deferred commodity payments to Credit Suisse for December, January and February next year, with further commodity swaps put off as a result of production problems from the field.
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