Orcadian Energy plc faces no action until the end of August for missing the deadline to pay $1.43 million debt to Shell International Trading and Shipping Company Ltd (Stasco). OBLIGATIONS The amount owed will be settled from payment due under a proposed farm-in or joint venture on Orcadian’s southern North Sea Earlham discovery. The company […]
Tag: Shell International Trading and Shipping Company Ltd
Orcadian misses deadline to repay Shell debt
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 […]
Orcadian secures new debt repayment date
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 […]
Orcadian secures £1.15m loan to repay Shell
Orcadian Energy plc has secured a two-year £1.15 million loan with an as yet unnamed industry partner to repay the outstanding £1m loan to Shell. The loan will settle from the completion payment due under a proposed farm-in or joint venture on Orcadian’s recently offered southern North Sea licence. Interest, of between 6% and 9%, […]
Orcadian completes 81.24% Pilot farm-out to Ping
Orcadian Energy plc has completed the 81.24% farm-out of central North Sea licence P2244, containing the Pilot oil field, to Malaysian operator Ping Petroleum UK plc. TECHNOLOGY Discovered in 1989, appraisal of Pilot showed “excellent quality reservoir and contains 263MMbbl of a viscous oil”. Orcadian said that Ping, focused on shallow water offshore production and […]
Orcadian agrees new date to repay $1m loan to Shell
Orcadian Energy plc has agreed an extension until 13 June 2024 to pay the US$1 million loan to Shell. AGREEMENTS The original repayment was 23 August 2023 which was twice extended to 13 March 2024. The company said that the new extension allowed time to process the $3.1m sale of a 81.25% interest in its […]