Orcadian Energy Plc (GB:ORCA) has released an update.
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Orcadian Energy Plc has reached an agreement with Shell to defer action on its loan facility repayments until the end of August 2024, by which time Orcadian’s Industry Partner, linked to the Earlham license, has pledged to fulfill the payment obligations. The initial payment from the Industry Partner to Orcadian, matched by Orcadian to Shell, secures an exclusive dedication of the Earlham project to the partner until December 2024, contingent on the final payment. Orcadian CEO Steve Brown indicates this strategic cooperation aims to streamline the Earlham project’s path to production.
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