Orcadian Energy PLC Concept Selection Update and Issue of shares (2820F)
15 July 2021 - 4:05PM
UK Regulatory
TIDMORCA
RNS Number : 2820F
Orcadian Energy PLC
15 July 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the
publication of this announcement via Regulatory Information Service
(RIS), this inside information is now considered to be in the
public domain.
15 July 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company"
and with its subsidiary the "Group")
Concept Selection Update
Issue of shares
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas
development company, announces the following general update and an
issue of new shares.
Concept Selection Update
The Company confirms today that it has now filed an addendum to
the Pilot field Concept Select Report ("CSR") with the Oil and Gas
Authority ("OGA"). This followed the execution of an agreed work
programme which included polymer core flood tests and work to
reduce the carbon dioxide emissions from the project. The selected
concept has now been revised to include a significant improvement
in process heat management and power generation efficiency. To
further improve emissions performance Orcadian has also chosen to
include a floating wind turbine in the development concept.
Following a review by Crondall Energy Limited, these initiatives
combined have the potential to reduce expected Scope 1 emissions
from the development by over 80%, to 2.6 kgCO(2) e/bbl (see the
Company's Admission Document for more information).
Issue of Shares
Following the completion of the placing and the Company's
Admission to AIM, Alisanos Geoscience Ltd, which has provided the
services of geoscience consultant Maurice Bamford to the Company,
has agreed to take GBP50,000 of GBP71,422 owed to it by Orcadian in
ordinary shares in the Company at the Admission price of 40p per
share. As a result of this Alisanos Geoscience Ltd (or other
parties as it so directs) will today be issued with 125,000
ordinary shares in the Company ("New Shares").
Application will be made to admit the New Shares to trading on
AIM ("New Shares Admission"). Admission is expected to become
effective, and dealings in the New Shares will commence on 21 July
2021. The New Shares will rank pari passu in all respects with the
Company's existing ordinary shares in issue.
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), the issued ordinary share
capital of the Company following the New Shares Admission will
consist of 63,755,174 ordinary shares with voting rights attached
(one vote per ordinary share). There are no ordinary shares held in
treasury. This total voting rights figure may be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify their interests
in, or a change to their interest in, the Company under the
DTRs.
For further information on the Company please visit the
Company's website: https:// orcadian.energy
Contact:
Orcadian Energy plc + 44 20 7920 3150
Steve Brown, CEO
Alan Hume, CFO
-------------------------
WH Ireland (Nomad and Sole Broker) +44 20 7220 1666
-------------------------
Harry Ansell / Fraser Marshall (Corporate
Broking)
Katy Mitchell / James Sinclair-Ford / Lydia
Zychowska
(Nomad)
-------------------------
Tavistock (PR) + 44 20 7920 3150
-------------------------
Nick Elwes / Simon Hudson / Matthew Taylor orcadian@tavistock.co.uk
-------------------------
About Orcadian Energy
Orcadian Energy (CNS) Ltd ("CNS"), Orcadian's operating
subsidiary, was founded in 2014 and is the sole licensee of P2244,
which contains 78.8 MMbbl of 2P reserves in the Pilot discovery,
and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C
contingent resources in the Elke, Narwhal and Blakeney discoveries
(as audited by Sproule, see the CPR in the Company's Admission
Document for more details). Within these licences there are also
191 MMbbl of unrisked prospective resources. These licences are in
blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of
Aberdeen. The Company also has a 50% working interest in P2516,
which contains the Fynn discoveries. P2516 is administered by the
Parkmead Group and covers blocks 14/20g and 15/16g, which lie
midway between the Piper and Claymore fields, 180 kms due East of
Wick.
Pilot, which is the largest oilfield in Orcadian's portfolio was
discovered by Fina in 1989 and has been appraised by five wells
with seven separate formation reservoir penetrations, including a
relatively short horizontal well which produced over 1,800 bbls/day
on test.
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END
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