The AIM-listed oil and gas producer cleared its ORRI liability in full and made a further prepayment on its Trafigura facility following its first post-restructuring cash sweep.
The AIM-listed gas producer has restored the Saltfleetby field to full production following a planned shutdown, with output now above pre-maintenance rates.
Higher gas prices and improved production drove quarterly revenue to £7.16m, as the company made its first debt repayment to Trafigura.
The UK onshore oil and gas company has promoted its Director of Wells and Subsurface to the board with immediate effect.
The UK onshore gas producer completed well interventions that lifted field production by around a third, while hedging arrangements now cover 12.3 million therms through mid-2027.
It says legally binding documentation for a proposed financial restructuring is progressing more slowly than hoped, but should be finalised in the coming weeks, and trading on AIM will remain suspended until completion.