18 March 2024
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the
"Company")
Change of Nominated Adviser and
Broker
Orcadian Energy (AIM: ORCA) is pleased to
announce the appointment of Zeus Capital Limited as Nominated
Adviser and Joint Broker to the Company, and Novum Securities
Limited as Joint Broker to the Company, both with immediate
effect.
For further information on the Company please
visit the Company's website: https://orcadian.energy
Contact:
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Orcadian
Energy plc
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+ 44 20 7920 3150
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Steve Brown, CEO
Alan Hume, CFO
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Zeus (Nomad
and Joint Broker)
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+44 20 3829 5000
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Dan Bate / Alex Campbell-Harris (Investment
Banking)
Simon Johnson (Corporate Broking)
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Novum (Joint
Broker)
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+44 207 399 9425
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Colin Rowbury / Jon Belliss
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Tavistock
(PR)
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+ 44 20 7920 3150
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Nick Elwes / Simon Hudson
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orcadian@tavistock.co.uk
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About Orcadian
Energy
Orcadian is a North Sea focused, low emissions,
oil and gas development company. 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 the
Directors believe 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 to deliver reliable
energy to the UK.
Orcadian Energy (CNS) Ltd, Orcadian's operating
subsidiary, was founded in 2014 and is the sole licensee of P2244,
which contains 78.0 MMbbl of 2P Reserves in the Pilot discovery,
and of P2482, which contain a further 52.2 MMbbl of 2C Contingent
Resources in the Elke and Narwhal discoveries (as audited by
Sproule, with both numbers modified to take into account the TGS
royalty, see the CPR in the Company's Admission Document for more
details). Within these licences there are also 118 MMbbl of
unrisked Prospective Resources (modified for TGS royalty). These
licences are in blocks 21/27a, 28/2a and 28/3a, and lie 150 kms due
East of Aberdeen.
Pilot, which is the field with the largest
reserves in Orcadian's portfolio, was discovered by PetroFina 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 low emissions, field development plan for Pilot
is based upon a Floating Production Storage and Offloading vessel
(FPSO), with over thirty wells to be drilled by a Jack-up rig and
provision of power from a floating wind turbine.
Orcadian has entered into a conditional sale
and purchase agreement with Ping Petroleum UK plc ("Ping") which
details the terms under which Ping will farm-in to the Pilot
development project. Upon conclusion of this deal Orcadian would
have an 18.75% stake in the Pilot development with all pre-first
oil development costs paid by Ping.
Emissions per barrel produced are expected to
be about a tenth of the 2021 North Sea average, and less than half
of the lowest emitting oil facility currently operating on the
UKCS. On a global basis this places the Pilot field emissions at
the low end of the lowest 5% of global oil production.
