Orcadian Energy (ORCA), the North Sea focused oil and gas development company, is delighted to announce its unaudited results for the six months ended 31 December 2021.
- To improve the technical and commercial definition of the Pilot development project
- To finance the Pilot development project
- To explore every avenue to maximise the value in our satellite discoveries and prospects
- To propose a practical means to electrify the Central North Sea ("CNS") and to develop a business model enabling Orcadian to benefit from this work
- Orcadian was admitted to AIM in July 2021 raising gross proceeds of £3 million
- Receipt of Letter of no objection from the Oil and Gas Authority ("OGA") and entry into the authorisation phase of development planning for the Pilot Field
- Received three expressions of interest for the provision of an Floating Production Storage Offloading ("FPSO") for the Pilot Development
- Entered into a non-binding Heads of Terms with Carrick Resources Limited ("Carrick") in respect of a sub-area of Licence P2320 which covers the Carra prospect ("Carra")
- Selected by the OGA to evaluate an approach to the electrification of North Sea oil and gas platforms which will dramatically cut carbon emissions.
- Cash position as at 31 December 2021 of over £1.5 million
Steve Brown, Orcadian's CEO, commented:
"Our first half year results have covered a remarkable period for Orcadian as well as the energy industry as a whole. For our own part, we completed our listing on AIM; proposed a transformational approach to new oil and gas developments on the United Kingdom Continental Shelf ("UKCS") which we believe has the potential to blaze a trail for a slew of new projects with dramatically lower emissions than existing production; the OGA blessed those plans and has also acknowledged the leading role we are seeking to take in enabling electrification of the North Sea basin.
"We also believe that both the Government and society have begun to acknowledge that continuing oil and gas production is an essential part of an energy system in transition and thus ensuring energy security. We believe that new North Sea developments are essential to meet continuing demand for oil and gas, and absent those, we believe that prices will rise, hitting the pockets of the general public, while ensuring that old, high cost, and hence high emissions, production has to stay online.
"Governments should be encouraging investors to back those plans - they will help deliver an energy transition without soaring costs. Having our own oil and gas production is the only viable path to energy security and stability. We need to deal with the reality of energy delivery in the cleanest and most cost effective ways possible. We believe Orcadian can help deliver this."