Shares in energy and mineral investor Xtract Energy have been suspended after unexpected cash calls left its future in doubt.
The company said it had received the demands from Noreco, the operator of its Danish Luna well, in relation to cost overruns on drilling of the well.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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," it said.
Xtract added that it was yet to receive any information from Chevron regarding the status of drilling activities of its P2-10 well off the Dutch coast.
-
London claims victory in the Brexit warsOpinion JPMorgan Chase's decision to build a new headquarters in London is a huge vote of confidence and a sign that the City will remain Europe's key financial hub
-
Rachel Reeves's Autumn Budget: What it means for the UKOpinion A directionless and floundering government has ducked the hard choices at the Autumn Budget, says Simon Wilson
