Orcadian Energy PLC on Wednesday said its subsidiary Orcadian Energy (CNS) Ltd has amended its repayment date for its facility agreement with Shell International Trading & Shipping Co Ltd.
The North Sea-focused oil and gas development company said the $1 million loan from STASCO will now be repaid by September 13. Originally, the payment was due by August 23.
Orcadian had applied for three licences in the 33rd round of licensing conducted by the UK North Sea Transition Authority back in January to repay its loan facility with STASCO.
The company added it is discussing possible further extensions of the loan.
Orcadian’s cash balance at August 2 was £95,000.
Shares in Orcadian were up 8.8% at 3.10 pence each in London on Wednesday morning.
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