Australia's Jupiter Energy rises on deal to restructure debt

Jupiter Energy

04/03/2022 02:27

** Shares of Jupiter Energy  JPR.AX  rise as much as nearly
14% to A$0.041, set for their best session since Oct 2021, if
gains hold 
    ** The oil and gas explorer says it has reached agreement
terms for restructure of the existing debt with all four of its
noteholders  urn:newsml:reuters.com:*:nFWN2V62L1
    ** The co says it pay each noteholders 20% of their total
debt outstanding in cash
    ** Says to fund the payout, the co intends to raise a
minimum A$35 mln ($25.64 mln) through placement 
    ** Co says if the debt restructure is successful, co will
have sufficient working capital to achieve 100% gas utilization
on its three oilfields during 2023 
    ** Stock hits its highest level since Feb 9 
    ** As of Thursday's close, stock down 10% this year
    
     ($1 = 1.3648 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))