Western Siberia-focused junior oil and gas firm Ruspetro reported Wednesday that Bank Otkritie Financial Corporation (BOFC) has accepted a proposal to agree new banking covenants for Ruspetro's loan facilities.
Ruspetro said that the loan covenants for the three credit facilities with BOFC have been amended in order to align the covenants with the group's approved business plan.
Ruspetro CEO John Conlin commented in a company statement:
"This is an important achievement for the group, as it aligns our loan covenants to the group's drilling program as disclosed in the group's half-year results statement."
In its half-year statement, released in August, Ruspetro said its initial focus would be to appraise the most promising areas of its licenses with a combination of deviated and horizontal appraisal wells, designed to mature a portfolio of development wells to be drilled in 2016 and 2017.
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