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