Twinza Oil Limited has secured a clear path forward for the Pasca A gas project after its major shareholders and senior lenders agreed to a consensual restructuring, providing certainty for ongoing funding and future development.
The company confirmed that its Senior Lenders, Convertible Redeemable Preference Shareholders (CRPS), and major shareholders have signed a restructuring framework that will recapitalise the business and strengthen the company’s balance sheet.
Under the agreement, existing ordinary shareholders will see their post-restructure stake increase to 7 percent — an improvement from the 5 percent previously proposed. CRPS holders will retain a 10 percent interest.
A key element of the restructuring will see Senior Lenders, led by Tor Investment Management, convert most of their debt into equity, becoming the company’s majority shareholder. They will also provide additional funding to support Twinza’s Front-End Engineering and Design (FEED) work for the Pasca A development.
Pasca A, located in shallow water offshore Papua New Guinea, is a liquids-rich gas project that Twinza aims to advance to a Final Investment Decision by mid-2026. The company said FEED activities are already well underway.
Chairman Stephen Quantrill said the agreement marked a defining moment for the business. “We are incredibly pleased that our stakeholders have come together to agree this historic milestone for the Company. This restructuring will pave the way for Twinza to right-size its balance sheet and allow for future fundraising as we move into project development. This is a great outcome for the company and we’re grateful that our stakeholders were able to come together and work out a collaborative solution.”
With the framework now signed, Twinza plans to complete the restructuring before the end of 2025. The company said further details will be released once the process moves into its implementation stage.
