Front Exploration 11% bondholders consent to extension of maturity

By Angela McDaniels

Tacoma, Wash., July 10 - Front Exploration AS, formerly Discover Petroleum AS, received bondholder consent to amend its 11% senior secured callable bonds due 2012, according to a notice from bond trustee Norsk Tillitsmann ASA.

The consent will allow the company to extend the maturity date to Jan. 31, 2013 or five days after it has received its 2012 refund, whichever comes first.

A bondholder meeting was held July 9. There were enough bondholders present to form a quorum, and 100% of the bondholders present voted in favor of the proposal.

Front Exploration is an oil company based in Tromso, Norway.

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