Minister for Petroleum Jimmy Maladina has acknowledged the recent report in The Australian regarding Twinza Oil’s proposed financial restructuring. The process, led by Tor Investment Management through a Receiver-led Scheme of Arrangement in Australia, will allow existing convertible noteholders to convert a portion of their debt into equity. This court-supervised restructuring is not an insolvency or bankruptcy proceeding and is expected to be completed within three to six months. "This development was brought to the Department’s attention before filing and is fully accounted for in the recently signed Gas Agreement between Twinza Oil, MRDC, and the State of Papua New Guinea," Minister Maladina said. He further noted that during the Gas Agreement negotiations, Twinza’s investors were upfront about the need for a capital restructuring to strengthen the company’s financial position. "This restructuring will enable Twinza to raise future capital, complete the Front-End Engineering and Design (FEED) phase, and ultimately secure project financing to reach the Final Investment Decision (FID)." "This is in the best interests of all stakeholders, including Papua New Guinea," he added. Minister Maladina confirmed that while the Scheme of Arrangement is underway, Twinza and its joint venture partner continue to progress the FEED program as planned.