<article><p>Swedish upstream independent PA Resources has asked for more time to renegotiate a refinancing with its creditors.</p><p>The company's bondholders <a href="http://direct.argusmedia.com/newsandanalysis/article/936120">had agreed</a> to defer interest payments until 31 March. PA Resources is seeking permission to extend this deferral to 30 April.</p><p>PA has producing assets in west and north Africa. A failed investment in the Azurite field in Congo (Brazzaville) caused financial difficulties and led to trading firm Gunvor taking a 30pc stake in the company last year. The steep drop in crude prices since the middle of last year forced the company to write down the value of its assets by 2.1bn Swedish kronor ($250mn). Shareholders of PA in February rejected a chance to <a href="http://direct.argusmedia.com/newsandanalysis/article/999951">place the company into administration</a>, allowing it a further eight months to draw up a new balance sheet and restore shareholders' equity.</p><p>Negotiations with the holders of the firm's Swedish krona and Norwegian krone denominated bonds, as well as with Gunvor, are progressing well, but "it is evident that more time is needed in order to prepare and agree on a financing plan which is acceptable to all", PA Resources said.</p><p>PA Resources' average crude production amounted to 2,900 b/d in 2014.</p><p>bw/kaf</p><p><br> Send comments to <a href="mailto:feedback@argusmedia.com" target="_parent"> feedback@argusmedia.com </a></p><p><u><a href="http://www.argusmedia.com/Info/General/News" target="_TOP"> Request more information </a></u> about Argus' energy and commodity news, data and analysis services. </p><p><i> Copyright © 2015 Argus Media Ltd - <a href="http://www.argusmedia.com/" target="_TOP"> www.argusmedia.com </a> - All rights reserved. </i></p></article>
