AIM-listed Orcadian Energy has announced that, further to the announcements on 22 May 2024 and 13 June 2024, Shell International Trading and Shipping Company ('STASCO') has agreed an extension to the repayment date to 5 July 2024.
Orcadian now expects to drawdown c. $1.43m to settle the outstanding loan to STASCO this week from its industry partner.
Upon repayment of the STASCO loan, Orcadian will provide the partner with a security over its 18.75% interest in the Pilot field. As announced on 22 May 2024, the loan is intended to be settled from the completion payment due under a proposed farm-in or joint venture arrangement on Orcadian's recently offered SNS licence.
Source: Orcadian Energy
