Energean PLC said on Monday said it plans to offer $650 million worth of notes to go towards paying off an earlier $625 million issue due next year.

The hydrocarbon exploration and production company said the new senior secured notes issue will mature in 2033.

The proceeds will be used to repay in full a $625.0 million 4.500% senior secured notes issue due 2024.

‘The notes will be offered subject to prevailing market and other conditions. There is no assurance that the offering will be completed or, if completed, as to the terms on which it is completed,’ Energean said.

Shares in Energean were down 1.9% at 1,109.00 pence in London on Monday morning.

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