Shares of Nighthawk Energy PLC (HAWK.LN) rose 16% in early trade Thursday after the company said that it has appointed U.S. investment bank SSG Advisors LLC to advise it on options to restructure the company's outstanding debt with Commonwealth Bank of Australia.
The U.S.-focused oil development and production company said it is currently in compliance with all existing waiver covenants under the loan.
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Last month, Nighthawk agreed to an extension of its loan with the Australian bank until June 1 and a waiver of the minimum production agreement. It also agreed to appoint an investment bank to advise on future options regarding its debt given the uncertainty of its ability to pay the loan.
The company currently has a loan of $21.25 million with CBA.
Shares at 0830 GMT were up 0.07 pence, or 16%, at 0.55 pence.
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(END) Dow Jones Newswires
January 25, 2018 03:51 ET (08:51 GMT)