News and Press Releases

Update on Proposed Refinancing & Arbitration with Former Chairman

21 November 2014



Further to the announcement of July 16, 2014 (the "Announcement"), and subsequent updates, the Board can now provide the following update with respect to the forbearance agreement with the Bank of the West (the "Bank").

In respect of the forbearance payment due to the Bank on 31 October 2014, to which the Bank provided a deferral of partial payment to 20 November 2014, the Bank has provided an additional deferral of payment until 1 December 2014, (the "Second Deferral"). Hawker Energy Inc. ("Hawker") has provided the Bank with a reasonable expectation of having additional equity to contribute to the Transaction at that time. Hawker has arranged third party debt financing to replace the Bank financing, however, the lender has linked draw down of the credit facility to Hawker contributing additional equity to the transaction.


The arbitration hearing which had been requested by Mr Ellerton, the Company's former Chairman, has been dismissed, without prejudice, at his request.

Visit or contact:

Keith Morris, Director   Tel: 0207 448 5111
Nick Harriss, Nick Athanas, Allenby Capital (Nomad) Tel: 0203 328 5656
Neil Badger, Dowgate Capital Stockbrokers (Broker) Tel: 01293 517744