Finance News Oil & Gas

Orcadian misses deadline to repay Shell debt

Posted on Author editorial Comments(2)

Orcadian Energy plc has missed the deadline to pay the $1.43 million debt owed to Shell International Trading and Shipping Company Ltd (Stasco).

Informed: discussions continue with both the partner and Stasco (Pixabay)

FUNDS

The company, which aimed to secure funds by 5 July, said on the same date that the expected money had not arrived from an as yet unnamed industry partner.

A statement from Orcadian read: “The industry partner remains engaged in seeking a funding solution.

“Shell International Trading and Shipping Company Ltd has written to the company reserving their rights under the facility agreement and other finance documents.

“The company has kept Stasco fully informed of the status of the funding arrangements and discussions continue with both the partner and Stasco.”

The original date to repay the loan plus interest was August 2023.

Orcadian’s flagship asset is the central North Sea Pilot oil field. In April 2024 the company completed an 81.24% farm-out in April to Malaysian operator Ping Petroleum UK plc.

Related Articles
Metals & Minerals News

Condor Gold starts 4,000m La India infill diamond drill

Posted on Author editorial

Condor Gold plc announced the start of a 4,000 metre close-spaced infill diamond drilling programme within the open pit at the La India gold project in Nicaragua. The company also hopes to start drilling on the high grade Mestiza open pit in January 2021. Condor Gold chairman and chief executive Mark Child added that mining […]
Finance Metals & Minerals News

Potential Adeline buyer sets exploration budget

Posted on Author editorial

Chesterfield Resources plc noted its potential purchaser of the Adeline copper project has earmarked C$2m (£1.18m) for summer exploration on the asset in Labrador, eastern Canada. ACTIVITIES Sterling Metals aims for a 2,500 metre drill campaign in addition to the C$500,000 (£296,000) airborne survey planned over the licence area. The finance will come from the […]
Metals & Minerals News

CAML impairment at Sasa halves profit

Posted on Author editorial

Central Asia Metals plc (CAM) reported group profit before tax fell by 50% from non-cash impairment charge at its Sasa lead-zinc mine in North Macedonia. FINANCES The company’s full year results for the 12 months ended 31 December 2022 for Sasa and its Kounrad copper recovery plant in Kazakhstan showed pre-tax profit of $54.6 million […]

2 Replies to “Orcadian misses deadline to repay Shell debt”

  1. Pingback: Orcadian delays action over debt payment - Extractive Industries
  2. Pingback: Parkmead awarded 50% Fynn Beauly heavy oil - Extractive Industries

Comments are closed.