Orcadian Energy PLC Investor Presentation and Update (8837F)
21 July 2021 - 4:00PM
UK Regulatory
TIDMORCA
RNS Number : 8837F
Orcadian Energy PLC
21 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.
21 July 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Investor Presentation and Update
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas
development company, is holding an event at midday today on the
Investor Meet Company platform during which the Company will
provide an overview of its assets and its plans for the coming
months. Anyone interested can register to attend the event at the
following link:
https://www.investormeetcompany.com/orcadian-energy-plc/register-investor
In light of the presentation, and the questions submitted
through the Investor Meet Company platform, the Company is making
the following additional information available, in respect of the
Pilot field development, which is at a finer level of detail than
previously disclosed.
Information Source
Pilot oil, sulphur 0.7% (mass percentage) Corelab assay of 21/27a-6
content sample
----------------------- --------------------------
Average well cost GBP13 million CPR
----------------------- --------------------------
Average well duration 45.5 days CSR
from spud to completion
----------------------- --------------------------
Jack-up specification CJ-50 or equivalent CSR
----------------------- --------------------------
Man-hours expended c. 8,100 Contractor invoices and
in preparation of retrospective estimate
the CSR of employee time
----------------------- --------------------------
Estimated capital GBP50 million to Floating Power Plant A/S
cost of a floating GBP55 million
wind and wave unit
----------------------- --------------------------
Polymer costs c. GBP2.5-3.0/bbl CSR & CPR, in 2021 money
----------------------- --------------------------
Field operating c. GBP8/bbl CPR, in 2021 money
costs (i.e. excluding
any lease costs)
----------------------- --------------------------
Water injection c. 169,000 bbls/day CSR
capacity
----------------------- --------------------------
Low salinity water c. 63,000 bbls/day CSR
injection capacity
----------------------- --------------------------
Peak power demands c. 18MW CSR Addendum
----------------------- --------------------------
CPR is the Competent Person's Report - available on the
Company's website and in the Company's recent Admission
Document
CSR is the Concept Select Report, submitted to the OGA in
September 2020 and the Concept Select Report Addendum submitted to
the OGA in July 2021
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules and in particular,
the AIM Note for Mining and Oil and Gas Companies, Greg Harding has
reviewed and approved the technical information and resource
reporting contained in this announcement. Greg has more than 35
years' experience in the oil & gas industry. He holds a BEng in
Chemical Engineering from Imperial College and is a Chartered
Engineer, European Engineer, and a member of the Society of
Petroleum Engineers, the Energy Institute and the Institute of
Chemical Engineers. Greg is Technical Director of Orcadian
Energy.
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 well appraised. In total
five wells and two sidetracks were drilled on Pilot, including a
relatively short horizontal well which produced over 1,800 bbls/day
on test.
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