Erin Energy has obtained a waiver from Zenith back on the terms of its loan facility.
The company announced it has also been granted a 90-day deferment of the principal payment previously due on March 31, 2016, whilst re-modification discussions of the loan structure continue.
“We appreciate the continued support of Zenith Bank and their belief in the growth of our company. In this depressed commodity price environment, it is good to have partners that are working with us for the long-term and for the success of Erin Energy,” said Daniel Ogbonna, senior vice president and chief financial officer.
Erin said it has satisfied the interest obligations due March 31, 2016 and has formally submitted a loan re-modification proposal, which Zenith Bank is currently reviewing with final agreement expected during the second quarter of 2016.
The Houston-based independent is focused on energy resources in sub-Saharan Africa.
Its asset portfolio consists of nine licenses across four countries including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and The Gambia, and onshore Kenya.