Lochard Energy set to lose Thunderball licence

Number's up: Lochard Energy out of luck on Thunderball licence

Reuters/Scanpix

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Bill Lehane

 14 January 2013 09:16 GMT

Cash-strapped UK junior Lochard Energy has admitted it will probably lose operatorship of the Thunderball gas prospect as it cannot afford to drill a commitment well on the licence.

Chairman Clive Carver said the explorer was “in the final stages of clearing up legacy issues”, adding he hoped a leaner Lochard Energy with a simplified portfolio could tempt merger partners under its ongoing formal sale process relaunched in September.

Lochard’s directors said they had concluded the explorer would not have the financial capacity to meet requirements on the P1611 licence before the end of the year or early next year as revenues from its 10% stake in Ithaca Energy's Athena oil field accrue.

“Consequently, Lochard no longer qualifies as operator of Licence P1611... and is therefore…

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