Shares in Orcadian Energy PLC surged 16% following the announcement that its subsidiary has amended its repayment date with Shell International Trading and Shipping Company.
The $1 million loan, initially set for repayment on 23 August, has been extended to 13 September 2023.
Orcadian is in ongoing talks with Shell about potential further extensions. As of today, the company holds a cash balance of £95,000, with its financial position unchanged from its 2 August 2023 announcement.
At 8.20 am, the stock was up 0.45p at 3.3p.