Finance News Oil & Gas

Orcadian secures further six months to repay $1m loan

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Orcadian Energy plc has agreed a six-month extension to repay a £1 million loan to Shell International Trading and Shipping Company Ltd.

OPTIONS

The North Sea oil and gas company’s deadline for the third extension is now 13 March 2024.

Orcadian, which currently holds £92,000 cash and a monthly burn rate of less than £20,000, said it continued to explore all options.

The original date to repay the loan plus interest was 23 August before being extended to 13 September.

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