Friday, December 9, 2016

Contracts and obligations of companies, especially the central bank to explore for oil and natural gas

In connection with the oil companies, we expected to pay the amount of $ 125 million to the treasury of the country on or before December 15, 2016, as well as payment of $ 15 million earlier on June 30, 2018, or the date of delivery. With regard to the shares of the company, it was paid the amount of $ 10 million earlier on September 30, 2017, or the date of delivery. Will Num provide all Mai_khas remaining payments, which include $ 83900000 fee plus the interest the central bank and 165 million $ in addition to the fees and interest the central bank, until December 30, 2022? The company's obligation to pay the payments on the remaining specific stages and will clarify Mark before allowing exploration carried out by Admiral alfa or Archer alpha company Inc., each a subsidiary of the company, in the history of drilling are delivered each ship, with a note accruing interest at a rate of 5% per annum and are secured. The company has agreed not to terminate construction contracts except in accordance with the terms of the supplementary agreements. The Company reserves the option prior to the receipt of all drill ship, subject to a notice period of 45 days to 60 days, without affecting the date of the final payment.

Commented Rob Saltiel, President and CEO, "The restructuring of the payment and delivery dates of the Central Bank is an important step in our capital structure management, enhance liquidity and improve the timing of capital commitment. Extensions for two years on the date of delivery will greatly improve our confidence that we will get a contract appropriate drilling on each of the platforms before taking delivery services, we now have the opportunity to earn returns on these rigs, which will cover some or all of the final payments to the shipyard.

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