Toreador: Pondering its next move.
Toreador weighs up options
Paris-based junior Toreador Resources said it is exploring strategic alternatives, including raising capital by equity or debt offerings, and possible partnership in its primary asset, the Paris Basin oil shale.
Toreador set up a special board panel and hired RBC Capital Markets as its financial advisor, it said in a statement.
Toreador had already taken steps to strengthen liquidity including, reducing debt, lowering costs, and exiting its Turkish and Hungarian operations to focus on the conventional exploration of its French acreage, boss Craig McKenzie said in a Reuters report.
In October, the company had said it agreed to sell its remaining Turkish and Hungarian assets for $16.4 million plus contingent future payments.