LONDON--(BUSINESS WIRE)--
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AGR Energy US$7.5m Convertible Debenture – Events of Default – Accelerated Repayment Notice
AGR Energy Limited No. I (“AGR Energy”) announces that, in connection with the US$7.5 million unsecured convertible debenture between AGR Energy and Tethys Petroleum Limited (“Tethys”) dated 15 May 2015 (the “Convertible Debenture”), certain Events of Default have occurred pursuant to clause 8.1 of the Convertible Debenture, in particular in relation to:
- Tethys' failure to make various payments under the Joint Operating Agreement and Shareholders Agreement dated 18 June 2013 relating to the Bokhtar PSC in Tajikistan and the underlying PSC, resulting in Tethys receiving on 11 October 2015 a notice to withdraw from those agreements from CNPC Central Asia B.V. and Total E&P Tajikistan B.V.
- the fact that on 14 October 2015 the Company received an acceleration notice from Nostrum Oil & Gas Plc ("Nostrum") requiring the immediate repayment of a US$5 million facility provided by Nostrum to the Company pursuant to a facility agreement dated 10 August 2015, and such sums remain unpaid.
The occurrence of the above Events of Defaults entitles AGR Energy to take any actions referred to in the Convertible Debenture, including the service of a notice declaring all amounts due under the Convertible Debenture immediately due and payable (the “Accelerated Repayment Notice”).
AGR Energy has issued Tethys the Accelerated Repayment Notice.
AGR Energy reserves all rights in connection with the Convertible Debenture.
About AGR Energy - AGR Energy is a company owned by the Assaubayev family, who are long-term investors in natural resources and metals and mining, and have a track record of effective investment and support of enterprises, particularly in Central Asia and other emerging markets