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| Exchange Disseminated Time | | With reference to the earlier announcement dated September 19, 2014 wherein the Company has disclosed that based on independent third party report, the PY-1 Reserves have been notably downgraded from Proved Category to Probable and Possible Category and that this reserve distribution would have material impact on the carrying value of PY-1 Asset, which as of June 30, 2014 was approximately INR 115,350 lacs (equivalent to USD 192 million), Hindustan Oil Exploration Company Ltd has now informed BSE that given the significant uncertainty associated with the carrying value of USD 192 million relating to PY-1 Asset and the existing cash flow from PY-1 being unable to service the outstanding external commercial borrowing (ECBs), the lender, Eni Lasmo has vide its letter dated October 31, 2014 expressed its intention, subject to (a) receipt of consents and approvals, if any, that may be required by applicable laws and regulations; and (b) execution of mutually acceptable documentation with the Company (in respect of the waiver of the ECBs), waive all repayments of principal and other amounts outstanding (except for interest) that are payable with respect to the ECBs under the Loan Agreements with Eni Lasmo. |
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