US-focused oil development and production company Nighthawk has amended its existing bank agreement with the Commonwealth Bank of Australia.
Since the announcement on 2 October 2017 of the waiver relating to the minimum production covenant breach of the CBA term loan, Nighthawk has been in discussions with CBA.
It has now agreed to formalise the waiver into an amendment of the CBA Loan on substantially the same terms as the waiver.
The amendment extends the current maturity of the CBA Loan to 1 June 2018.
It includes the previously announced agreement to appoint an investment bank to advise on available options given the uncertainty around the Company's ability to refinance or repay the CBA Loan principal loan balance of $21.25m when it falls due on 1 June 2018.