Orcadian Energy plc has secured an extension to the repayment date of its $1 million loan plus interest to Shell International Trading and Shipping Company Ltd (Stasco).
PILOT FIELD
The deadline for repayment has been extended from today to 13 September 2023.
Orcadian, which currently holds £95,000, said it was in discussions with Stasco for a possible further extension.
In March, Orcadian said it would focus on funding and a farm-in for its flagship project of the Pilot oil field within licence P2244.
The company suffered a setback in May when it was refused a second time extension for sub areas of licence P2320 where Orcadian had planned to sell its interests in Crinan and Dandy and to farm out the Carra prospect.