Orcadian Energy plc has received £322,500 of a total £500,000 in unsecured convertible loan notes from existing and new investors.
USES
The explorer said it had agreements in place to sell the balance of the CLNs, with the proceeds expected by the end of January 2026.
Arranged by the company, the CLNs mature on 31 January 2028 and will accrue 10% interest per annum.
The CLNs are convertible into Orcadian ordinary shares at a 1.8% discount of 13.5 pence per share.
Proceeds will be mainly used as working capital.
Orcadian’s UK North Sea interests are in the Ping Petroleum-operated Pilot reservoir; operated Earlham gas field; Serica Energy-operated light oil Lowlander field; the Elke and Fynn Beauly appraisal opportunities; and three gas exploration prospects.