Lochard Energy said that it is set to relinquish its Thunderball discovery in the UK North Sea because the company does not have sufficient funds to continue as a North Sea operator. Lochard was hit financially just over a year ago when it lost a legal battle with Senergy relating to an alleged drilling commitment. It cost the company $9m. Lochard said: "After funding the costs of the Senergy settlement and the Gemini loan repayments, Lochard cannot on its own fund a well at Thunderball. "Additionally, the directors of Lochard have concluded, principally because of the costs of the Senergy settlement and the Gemini loan, the company will not have the financial capacity to meet the requirements of the Department of Energy and Climate Change (DECC) to continue as a North Sea operator until towards the end of 2013 and into 2014, when cash balances are expected to be significantly larger from the continued production income from Athena.
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