The companysaid in a statement that its “financial position is currently uncertain” as itfaces unspecified claims from Norwegian independent Noreco, which incurred costoverruns on drilling of the abortive Luna probe in the Danish sector of theNorth Sea earlier this year.
Xtract wasa partner in the well through proxy company Elko Energy’s 33% stake in Danish licence1/11, operated by Noreco with a 47% stake, with Danish North Sea Fund holdingthe remaining 20%.
“The
