Orcadian Energy PLC FPSO Expressions of Interest
28 October 2021 - 5:00PM
RNS Non-Regulatory
TIDMORCA
Orcadian Energy PLC
28 October 2021
28 October 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
FPSO Expressions of Interest
Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas
development company, is pleased to announce that it has received
three expressions of interest for the provision of an FPSO for the
Pilot development.
As advised in the Admission Document, the Company engaged
Crondall Energy to approach the appropriate FPSO providers on our
behalf and has been delighted with the quality of the responses.
Three of the four companies, currently operating FPSOs on the UKCS,
submitted detailed proposals to Orcadian. The Company will now
enter into discussions to clarify the proposals which the Directors
expect to take several months. The Company anticipates announcing
its preferred partner for the development of Pilot in due
course.
Steve Brown, Orcadian's CEO, said:
"We were very pleased to have received three such high-quality
expressions of interest for the provision of an FPSO for the Pilot
development. We will be evaluating these proposals and discussing
them with the contractors, to optimise both the vessel selection
and the technical and commercial framework for engaging an FPSO
contractor as a partner in the development of Pilot."
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 Joint Broker) +44 20 7220 1666
-------------------------
Harry Ansell / Fraser Marshall (Corporate
Broking)
Katy Mitchell / Andrew de Andrade (Nomad)
-------------------------
Shore Capital (Joint Broker) +44 20 7408 4090
-------------------------
Jerry Keen (Corporate Broking)
Toby Gibbs / James O'Neill (Advisory)
-------------------------
Tavistock (PR) + 44 20 7920 3150
-------------------------
Nick Elwes / Simon Hudson / Matthew orcadian@tavistock.co.uk
Taylor
-------------------------
About Orcadian Energy
Orcadian is a North Sea oil and gas operator with a difference.
In planning its Pilot development, Orcadian has selected wind power
to transform oil production into a cleaner and greener process. The
Pilot project is moving towards approval and will be amongst the
lowest carbon emitting oil production facilities in the world,
despite being a viscous crude. Orcadian may be a small operator,
but it is also nimble, and it has grasped opportunities that have
eluded some of the much bigger companies. As we strike a balance
between Net Zero and a sustainable energy supply, Orcadian intends
to play its part to minimise the cost of Net Zero and deliver
reliable organic 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. Orcadian's proposed development plan for Pilot is based
upon a Floating Production Storage and Offloading vessel, with over
thirty wells to be drilled by a Jack-up rig through a pair of well
head platforms and will include a floating wind turbine to provide
much of the energy used in the production process. Emissions per
barrel produced are expected to be about an eighth of the 2018
North Sea average and to lie in the lowest 5% of global oil
production.
About Crondall Energy
Crondall Energy is a leading independent consultancy providing
strategic, commercial and technical services for offshore energy
projects. Crondall works with a range of project stakeholders,
including energy companies, investors and law firms; and helps
their clients to manage technical, commercial and strategic risks
and achieve positive project outcomes. Crondall are passionate
about the role of the offshore industry in providing society's
sustainable energy and are actively engaged in supporting their
clients to confront the challenges of generating low carbon energy
and renewable energy in the offshore environment.
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