Expected increase in P2650 interest to 100%

11 November 2026

Orcadian Energy plc

(“Orcadian” or the “Company”)

 

Orcadian is pleased to announce the expected doubling of its interest in the P2650 licence, from 50% to 100%, on Triangle Energy (UK) Pty Ltd’s (“Triangle UK”) withdrawal from the licence, subject to NSTA approval.

Triangle UK’s parent company, Triangle Energy (Global) Limited, entered administration in July 2026 after its junior producer joint venture partner, Pilot Energy Limited, entered voluntary administration following its failure to secure funding to buy out the Triangle group’s stake in the Cliff Head joint venture.

Following non-payment of a cash call, Orcadian gave notice on 10 September 2026 that Triangle UK was in default, and on 9 November 2026 notified Triangle UK that the remedy period had expired. Triangle UK has not yet withdrawn from the licence. Completion of the withdrawal remains subject to NSTA approval and Triangle UK’s continued co-operation in the withdrawal process, which may be effected through the purchase of Triangle UK for a nominal sum, as opposed to a licence interest assignment.  Orcadian intends to seek an extension to the term of Phase A which currently expires at the end of February 2027.

Triangle UK’s withdrawal will mean that Orcadian would hold a 100% interest in the P2650 licence (the “Mid-North Sea High licence”), which contains shallow gas prospects and leads. The Mid-North Sea High licence covers blocks 29/16, 29/17, 29/18, 29/19, 29/21, 29/22, 29/23, 29/27 and 29/28 and contains the Glenlough and Breckagh prospects.

Orcadian considers these seismic amplitude-supported prospects to be analogous to the A-block shallow gas fields in the Netherlands developed by Chevron and currently operated by Petrogas, and the Aviat field in the UK CNS operated by Apache. As the prospects are shallow, well costs are expected to be relatively low; Orcadian estimates the gross cost of each exploration well at between £10m and £15m.

The key prospect is Glenlough, which Orcadian estimates has a recoverable gas resource of 131 bcf and a chance of success of 31%. Orcadian has identified that the Breckagh prospect comprises two separate horizons: Upper Breckagh, which may contain 33 bcf with a chance of success of 55%, and Lower Breckagh, which may contain 105 bcf with a chance of success of 20%. Success in both horizons would result in a volume of 138 bcf. These are gross unrisked best estimate (2U) prospective resources (SPE-PRMS, effective 1 January 2026). Resource figures in this announcement are stated gross to the licence; Orcadian’s net share is currently 50% and would increase to 100% on completion of the withdrawal.

Orcadian believes electromagnetic surveys are well suited to the shallow reservoir depth and may help to reduce the key risks and uncertainties on these prospects which are gas saturation and pay thickness.

On completion of the withdrawal of Triangle UK, which is subject to NSTA approval, Orcadian intends to approach potential farm-in partners to progress these opportunities.

The Company will provide further updates in due course.

Steve Brown, Orcadian CEO, said:

“We were disappointed to hear that the Triangle parent company had been forced into administration; Triangle have been a good partner to us on the Mid-North Sea High licence and it is a shame that they will not see the fruits of their efforts in the UK.

“From our perspective we expect to double our interest in the potential gas resource on our P2650 licence. This licence has a pair of prospects which, in our view, combine relatively low drilling costs with an attractive risk profile. Development strategies for these shallow discoveries have proven successful in Dutch waters and we are looking forward to redoubling our efforts to attract farm-in partners for these gas prospective blocks.”

The person responsible for arranging the release of this announcement on behalf of the Company is Stephen A. Brown, Chief Executive Officer.

For further information on the Company and for copies of the annual report and the AGM notice please visit the Company’s website: https://orcadian.energy

Orcadian Energy plc	+ 44 20 7920 3150
Steve Brown, CEO Alan Hume, CFO
Zeus (Nomad and Joint Broker)	+44 20 3829 5000
Darshan Patel / Alex Slater (Investment Banking) Simon Johnson (Corporate Broking)
Albr (Joint Broker)	+44 207 399 9425
Colin Rowbury / Jon Belliss

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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, Maurice Bamford has reviewed and approved the technical information and resource reporting contained in this announcement.

Maurice has 37 years’ experience in the oil & gas industry and 3 years in academia. He holds a BSc in Geology from Queens University Belfast and a PhD in Geology from the National University of Ireland. Maurice is a Fellow of the Geological Society, London, and a member of the Geoscience Energy Society of Great Britain. He is Exploration and Geoscience Manager at Orcadian Energy.

Forward-Looking Statements

This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “intends”, “may”, “will”, “plans”, “expects” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and reflect the Directors’ current view with respect to future events. They are subject to risks, uncertainties and assumptions, including in relation to regulatory and governmental approvals, the outcome of the concept select process, the identification of suitable counterparties, and prevailing economic and market conditions, that could cause actual results to differ materially from those expressed or implied. No statement in this announcement is intended to be, or should be construed as, a profit forecast or estimate, or a valuation of the Company or any of its assets. The forward-looking statements speak only as at the date of this announcement and, save as required by the AIM Rules for Companies, the Market Abuse Regulation or other applicable law, the Company undertakes no obligation to update or revise them.

About Orcadian Energy

Orcadian is a North Sea focused, low-emissions, oil and gas exploration and development company. 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.

Viscous oil

As part of its viscous oil strategy Orcadian has an 18.75% carried interest in the Pilot development project, Pilot was discovered by PetroFina in 1989 and has been well appraised. The field has excellent quality reservoir and has contingent resources of 79 MMbbl of a viscous oil ranging in gravity from 17º API in the South of the reservoir to 12º API in the North. In planning the Pilot development, Orcadian has selected polymer flooding and wind power to transform the production of viscous oil into a cleaner and greener process. Polymer significantly reduces fluid handling requirements and hence energy consumption as well as boosting recovery. Ithaca Energy, operator of the Captain field in the Inner Moray Firth, has enjoyed consistent success in applying polymer flood to the highly analogous Captain field. Following the recent farm-down of Pilot, the project is now under the stewardship of Ping Petroleum UK PLC (“Ping”) and is intended to be amongst the lowest carbon emitting oil production facilities in the world.

Ping is progressing a low-emissions, phased, field development plan for Pilot based upon a polymer flood of the reservoir, a Floating Production Storage and Offloading vessel (FPSO) and provision of power from a floating wind turbine or a local wind farm.

Orcadian has an 18.75% fully carried interest in licence P2244 (block 21/27a) and a 100% interest in licence P2482 (blocks 28/2a and 28/3a). Ping is operator of P2244 and the Pilot development project. P2482 covers the Elke and Narwhal discoveries which contain 54 MMbbl of contingent resources.

The Fynn licence was awarded in the 33^rd round, P2634, contains a very substantial heavy oil discovery. About 88% of the resource on a best technical case is estimated to lie within the area of the P2634 licence. Orcadian has a 50% working interest in the Fynn licence which is operated by Serica. The Fynn licence covers blocks 14/15a, 14/20d and 15/11a.

Gas

Orcadian was awarded two gas licences in the 33^rd Round. The Mid-North Sea High licence, P2650, contains shallow gas leads. Orcadian applied in partnership with Triangle Energy, an Australian listed energy company. Orcadian is licence administrator and will hold 100% on completion of Triangle UK’s withdrawal. The Mid-North Sea High licence covers blocks 29/16, 29/17, 29/18, 29/19, 29/21, 29/22, 29/23, 29/27 and 29/28.

The SNS licence, P2680 100% Orcadian, contains the Earlham discovery, a low-calorie gas discovery with 114 bcf of methane resources on a P50 basis, the Clover prospect which has P50 prospective resources of 153 bcf, and the decommissioned Orwell field which has redevelopment potential with 31 bcf resources on a P50 basis, alongside a number of smaller prospects. Orcadian has established Earlham Gigagrid to provide a vehicle for investment in the Earlham development, power station and datacentre potential, without diluting Orcadian’s shareholders’ interests in its viscous oil and Central North Sea projects.