"The company and the CBA are now in the process of documenting the understandings established and preparing appropriate amendments to the Facility Agreement that exists between the parties," EWC told the Australian Stock Exchange.

The West Perth-based company, which was formerly known as Energy Equity Corp, declared a repayment moratorium on Christmas Eve as it worked to renegotiate $82 million of secured debt.

Last Friday, after the announcement, EWC shares rose 2 cents to finish at 4.4c, the highest level in two months.