UNSECURED creditors of Tuscan Energy (Cragganmore) are likely to get at least some of their money back, joint administrators for the firm have revealed.
In a progress report released by Companies House yesterday, Neil Armour and Blair Nimmo, of professional services firm KPMG, said they expected a dividend to be made. They added: “The likely amount of that distribution, in terms of pence in the pound, cannot be estimated accurately.”
Tuscan Energy (Cragganmore), part of Aberdeen-based oil and gas company Tuscan Energy Group (TEG), went into administration after selling its main asset – a 55.3% stake in the North Sea Cragganmore field – in 2006. The firm owed more than £2million at the time of its collapse.
Another TEG subsidiary, Tuscan Energy (Scotland), is also going through insolvency proceedings.
Its problems stemmed from losses estimated at around £46million following technical difficulties at its North Sea Ardmore field.