Orcadian Energy plc is pleased to advise that its subsidiary, Orcadian Energy (CNS) Ltd ("Orcadian CNS") executed an agreement to amend the repayment date in its secured facility agreement with Shell International Trading and Shipping Company Limited ("STASCO"). The full terms of this agreement are detailed on page 257 of the Company's Admission Document (the "Loan"). The original repayment date of the STASCO loan of US$1m (and associated interest) was 23 August 2023; this had been extended to 13 September 2023 (see announcement dated 22 August 2023) and subsequently to 13 March 2024 (see announcement dated 13 September 2023).
The repayment date of the Loan has now been extended to 13 June 2024 to allow time for the proposed sale of an 81.25% interest in Licence P2244 to complete and for discussions with Shell on future financial and marketing arrangements to conclude.
With respect to the Ping transaction (see announcement dated 7 December 2023), activity to finalise the Joint Operating Agreement, and variations or additions to the existing agreements in place with Shell and TGS, are still ongoing. Approval of the transaction by the Ping board and the board of DNeX, Ping's parent company, is expected before the end of March 2024.
The licence extension granted by NSTA requires that the assignment of the interest in P2244 completes by the end of March 2024. We remain confident that this will be achieved, and are looking forward to Ping progressing the implementation of the Pilot development scheme.
