Debt free?22 Feb 2018 14:41
From 31st August 2017 update
The loading of the second annual tanker shipment for export from Arcticneft on Kolguyev Island has been successfully completed. The tanker has been loaded with 23,951 gross tons of crude oil (an equivalent of 189,213 barrels). The tanker has left Kolguyev Island today.
From 14 Dec 2017 update
After repayment from the proceeds of the tanker payment of the Petraco pre-export short term loan finance arrangement, announced on 7 September 2017, we anticipate that the Company's net debt will be reduced from US$12.3 million as at the end of June 2017 to US$3.8 million.
So with two tanker shipments a year from Arcticneft, and if oil price at the time of the next shipment is around US$60 a barrel, looks as if the company will be debt free. Assuming no further acquisitions.