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.
As a result the firm said its financial position was currently uncertain.
Subscribe to 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.
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
