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Phoenix Global Resources PLC shares jumped on Wednesday after the company said that Mercuria Energy Group Ltd agreed to further increase its bridging facility to $97.5 million amid debt restructuring discussions.
Shares were up 20% at 4.78 pence each on Wednesday midday in London.
Mercuria Group, which is a shareholder of Phoenix, intends to provide financial support to the company so that it can continue to operate and service liabilities.
The same facility has already increased once, last October, to $67.5 million.
The London-based independent oil and gas exploration and production company said that it continues to discuss the restructuring of existing debt with Mercuria.
While these discussions continue, Mercuria agreed to further increase the bridging facility by $30.0 million to $97.5 million.
The principal terms remain consistent with the terms of the existing facility, Phoenix said.
The loans also continue to be unsecured and the increased facility will be used to fund the Phoenix's planned work programmes.
The increased facility will be used to fund the Phoenix's planned work programmes.
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