By John Lee.
ShaMaran Petroleum has reported in connection with the Company's 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) that the Company has purchased Bonds in the market at commercially attractive rates.
As a result, Bonds in the principal amount of $4.95 million have been retired. The Company's Bond amortization payment due in December 2021 has accordingly been reduced by 33%.
Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran commented:
"We are very pleased that, as a result of continued sustained production in the Atrush field and the first quarter 2021 increase in oil prices, the Company has been able to utilize its free cash to make purchases in the market as permitted by the January 2021 amendment to our Bond terms.
"ShaMaran is committed to reducing its debt obligations and looks forward to making another positive report to the market at the end of the next quarter."
(Source: ShaMaran Petroleum)