Petrolia holders give needed consents to extend 12% bonds due 2012

By Jennifer Chiou

New York, June 7 - Petrolia Drilling ASA announced the receipt of the needed holder support to adopt the proposed resolution for the company's NOK 344.5 million of outstanding 12% bonds due June 2012.

As a result, the maturity was extended by three years to June 19, 2015.

Of the votes cast, 72.6% were in favor of the proposal. The company will pay a fee of 1% of par, according to notice by trustee Norsk Tillitsmann ASA.

Petrolia also proposed to change the denomination of the bonds to NOK 1 from NOK 500,000 in order to increase the liquidity of the bonds. It originally issued NOK 500 million of the bonds.

For the measure to pass, more than two-thirds of the holders at the meeting had to vote in favor of it and a minimum of half of the bonds had to be represented at the meeting.

Oslo-based Petrolia Drilling owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development.

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