The consortium of lenders to which Petroceltic International owes more than $200 million (€185m) has given it a further week-long waiver on its repayments, as the Dublin-headquartered exploration company continues to seek a buyer.

Petroceltic, which was already operating under a waiver until the end of this month, said on Friday evening that its banks have extended it until February 5th.

“The company’s lenders have also indicated their willingness to consider such further waivers as may be required to continue the strategic review process,” said the company.

Further waivers

Any further waivers will be dependent upon the progress of talks taking place around the company’s future with potential bidders and investors.

Worldview Capital, a 29 per cent shareholder, has previously announced it is considering making a cash bid, although an offer has yet to materialise.

It is understood that Petroceltic has also engaged with other exploration companies that have expressed an interest in buyoing some or all of its assets.

Any potential buyer of the company or its assets will also likely have to conclude a deal with the government of Algeria, where its prime asset, a gas field it is trying to develop, is located.