(Alliance News) - Orcadian Energy PLC on Wednesday said its subsidiary Orcadian Energy (CNS) Ltd has amended the repayment date for its secured facility with Shell International Trading & Shipping Co Ltd.
The North Sea-focused oil and gas development company said repayment for the USD1 million loan was now extended to March 13 next year from Wednesday. The previous repayment date was itself an extension made in late August from August 23.
In the late August announcement, Orcadian said it 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.
As of the Wednesday announcement, Orcadian said its current cash balance stood at GBP92,000 and the company's current monthly burn rate is less than GBP20,000. As a result, the company said it will need to raise additional funds "in the very short term" and that it is exploring "all options".
Orcadian's cash balance at August 2 was GBP95,000.
Shares in Orcadian Energy were down 8.5% to 3.89 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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Orcadian Engy (ORCA)