LGO Energy pulled a U-turn in its funding plans, taking itself off the market.
In December, the firm confirmed it would consider possible takeovers in a bid to steady its finances.
However, the operator has now closed the book on selling-up, stating the board “believes that the other strategic refinancing opportunities available represent the best approach for the Group and the Board now intends to focus exclusively on those funding routes”.
Chief executive Neil Ritson said: “The company has now moved to focus on specific funding options that have been identified and as a result has chosen to end the FSP. The company is discussing refinancing options that the board consider present the best approach for the group as a whole. In light of stabilizing oil prices the company has also agreed to commence additional work designed to increase production at the Goudron Field.”
LGO will expand its operations on the Goudron Field in a bid to increase production over the next two months.
A company spokesperson added: “This work will be funded through service income in the company’s Trinidadian subsidiary, Columbus Energy Services Limited, which has the flexibility to deploy its free cash flow independent of restrictions currently faced by Goudron E&P Limited. Further details of this program will be announced in the coming weeks.”
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