Petroceltic, the Irish oil and gas company focused on North Africa, Mediterranean and Black Sea, has received a further waiver of repayments from its lenders until January 29 as it seeks to find a buyer.
The company said its lenders have also indicated their willingness to consider further waivers as may be required as it continues the strategic review process.
In December Petroceltic said it was considering a number of options for the company’s future including a farm-out or sale of one or more the company’s existing assets, a merger with a third party, or the sale of its entire issued share capital in the form of debt or subscription of new ordinary shares.
Petroceltic shares have slumped since a high in 2014.
The company’s main asset is the Ain Tsila gas field, which it has described as “world class”.
Further announcements on the company’s financial position, and the status of the strategic review, will be made as and when appropriate, it said.