Orcadian Energy Announces Results for the Half Year Ended 31 December 2023

Source: www.gulfoilandgas.com 2/27/2024, Location: Europe

Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas development company, is pleased to announce its unaudited results for the six months ended 31 December 2023.

Highlights:

- Agreed the terms for a conditional disposal of an 81.25% interest in licence P2244, which includes the Pilot project, to Ping Petroleum UK plc*

- If completed, all costs associated with the remaining 18.75% interest in Pilot to be carried by Ping until first production from Pilot*

- Secured a two-year extension to the P2244 licence, subject to completion of the disposal to Ping

- Completed the seismic inversion of the Catcher North seismic survey with TGS, which covers the Elke field, and conducted quantitative interpretation work to help refine field outline and assist in identification of development well locations

- Raised £350k before expenses on 2 October 2023, and £500k before expenses on 18 December 2023

Post period Highlights:

- Offered two licences in the 33rd Round adding a very large viscous oil discovery, and a series of shallow gas prospects, to our project inventory

Activity Focus:

- To finalise a farm-out deal for the Pilot development project

- To maximise the value of the Company’s satellite discoveries and prospects

- To prepare for awards of new licences in the 33rd Round

Steve Brown, Orcadian’s CEO, commented:

“In the second half of 2023 we struck the deal which we have been seeking since we first signed the Pilot licence. The deal with Ping Petroleum is transformational for us and, whilst completion is still subject to the satisfaction of certain conditions, the board remain confident that these conditions will be satisfied before the end of this quarter.

“We are also delighted to have replenished our inventory of projects with the award of the 292 MMbbl (gross 2C resource) Fynn Beauly discovery. We see opportunities to deploy geothermal heat sources to raise the reservoir temperature and boost production rates sufficiently to enable a polymer flood of the reservoir to be highly successful.

“The 33rd Round awards also included our first gas project and we are very pleased to have been awarded a licence covering nine North Sea blocks with an unrisked P50 prospective resource of over 300 bcf with a P10 upside potential of over 500bcf.”


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