Xtract Energy (LON:XTR) said trading of shares on AIM has been suspended pending clarification of the company’s financial position.
Xtract said it recently received “unexpected additional cash calls” from Noreco, the operator of the Luna well, in Denmark, related to cost overruns on drilling.
Also, the group said it has yet to receive any information from Chevron regarding the status of drilling activities of the Dutch well, P2-10.
“The company is currently undertaking a number of discussions with certain existing debtors and creditors and is exploring various potential short term funding options designed to provide access to immediate working capital in order to continue trading,” Xtract said in a statement.