Orcadian Energy plc has secured an extension to 5 July to repay its $1.43 million loan to Shell International Trading and Shipping Company Ltd.
The amount owed will be settled from payment due under a proposed farm-in or joint venture on Orcadian’s offered southern North Sea licence.
On repayment of the debt, the company will give its partner a security over its 18.75% interest in the Pilot field.
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