Octanex Agrees to Extend Timeline for Peak Oil & Gas to Repay Debt

Octanex N.L., an Australian oil and gas company, reported Wednesday that it is working with Asia Pacific-focused Peak Oil & Gas Limited (Peak) to reschedule Peak's debt due to Octanex of approximately $1.57 million (AUD 1.95 million). As a first step in that process, Octanex and Peak have agreed that the due date for repayment will be extended to March 1.

During this time, detailed agreements will be entered into under which Peak's debt to Octanex may be able to satisfied, repaid or otherwise discharged over an 18 month period, including by way of, but not limited to, proceeds of sale of assets and/or future capital raisings by Peak.

Once a final agreement is entered into, details will be released.

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