Orcadian Energy extends due date for STASCO loan repayment

Orcadian Energy announced on Wednesday that its subsidiary Orcadian Energy CNS has finalised an agreement with Shell International Trading and Shipping Company (STASCO), to amend the repayment date of its loan.

The AIM-traded firm said the loan, with a principal value of $1m plus accrued interest, was originally scheduled for repayment on 23 August.

However, following the recent agreement, the new due date for the loan repayment was set for 13 September.

“The company is continuing discussions with STASCO regarding possible further extensions of the loan, and further updates will be made as appropriate,” the Orcadian board said in its statement.

“The company's current cash balance is £95k, and the financial position remains as outlined in the company's latest announcement dated 2 August.”

At 1139 BST, shares in Orcadian Energy were up 22.81% at 3.5p.

Reporting by Josh White for Sharecast.com.