By Michael Millar
Date: Wednesday 27 Jun 2012
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.
"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.
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