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Steve Brown

Completion of Pilot Farm-out

By Announcements, Company & Media news

Orcadian Energy (AIM: ORCA) is delighted to announce the completion of the previously announced farm-out of an 81.25% interest in licence P2244, which contains the Pilot field, to Ping Petroleum UK plc (“Ping”). Ping is focused on shallow water offshore production and development opportunities and has a significant acreage holding to the East of Pilot. This means that Orcadian Energy retains an 18.75% interest in the Pilot field development, fully carried to the first offload of oil produced from the field. Orcadian has no requirement to fund the pre-production development project work programme.

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33rd Licensing Round Offer of Awards

By Company & Media news, Announcements

Orcadian Energy is delighted to report that NSTA has announced the offer of a further tranche of licence awards in the 33rd Round. NSTA has confirmed, in an announcement dated 31 January 2024, that Orcadian Energy will be offered two licences in the Central North Sea (“CNS”) one in partnership with Parkmead Group, and the other in partnership with Triangle Energy. Orcadian anticipates that these licences will be formally issued within the next three months.

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Publication of Circular

By Announcements

Further to the announcement of 7 December 2023, Orcadian is pleased to confirm it has now dispatched a circular, to convene a general meeting of the Company, in order to seek shareholders’ approval for the proposed disposal of a 81.25% interest in Licence P2244 to Ping Petroleum UK plc, (the “Disposal”) (the “Circular”).

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