Business
Loan Repayment Extension
Loan Repayment Extension.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n\n\n \n1 July 2024\n \nOrcadian Energy plc\n(\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\nLoan Repayment Extension\nOrcadian Energy (AIM:ORCA) is pleased to announce that, further to the announcements on 22 May 2024 and 13 June 2024, Shell International Trading and Shipping Company Limited (\"STASCO\") has agreed an extension to the repayment date to 5 July 2024.\nOrcadian now expects to drawdown c. $1.43m to settle the outstanding loan to STASCO this week from its industry partner.\nUpon 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.\n \nFor further information on the Company please visit the Company's website: https://orcadian.energy\nContact:\n\n\n\n\nOrcadian Energy plc\n\n\n+ 44 20 7920 3150\n\n\n\n\nSteve Brown, CEO\nAlan Hume, CFO\n\n\n\n\n\n\n\nZeus (Nomad and Joint Broker)\n\n\n+44 20 3829 5000\n\n\n\n\nDan Bate / Alex Campbell-Harris (Investment Banking)\nSimon Johnson (Corporate Broking)\n\n\n\n\n\n\n\nNovum (Joint Broker)\n\n\n+44 207 399 9425\n\n\n\n\nColin Rowbury / Jon Belliss\n\n\n\n\n\n\n\nTavistock (PR)\n\n\n+ 44 20 7920 3150\n\n\n\n\nNick Elwes / Simon Hudson\n\n\[email protected]\n\n\n\n\n \n \nAbout Orcadian Energy\nOrcadian is a North Sea focused, low emissions, oil and gas exploration and development company. Orcadian may be a small operator, but it is also nimble, and the Directors believe it has grasped opportunities that have eluded some of the much bigger companies. As we strike a balance between Net Zero and a sustainable energy supply, Orcadian intends to play its part to minimise the cost of Net Zero and to deliver reliable energy to the UK.\nOrcadian's key asset is the Pilot oilfield, Pilot was discovered by PetroFina in 1989 and has been well appraised. The field has excellent quality reservoir and contains 263MMbbl of a viscous oil ranging in gravity from 17º API in the South of the reservoir to 12º API in the North. In planning the Pilot development, Orcadian has selected polymer flooding and wind power to transform the production of viscous oil into a cleaner and greener process. Pol...