Orcadian notes the significant rise in the Company’s share price today. The Board confirms that it is not aware of any specific reason for this increase. The Directors are aware of the positive support given by the UK Government on 31 July 2023 to the future of the oil and gas industry focussed on the UK Continental Shelf.
Orcadian announces that following extensive discussions with the North Sea Transition Authority (“NSTA”) that the NSTA has declined Orcadian’s request to extend Phase A of Licence P2320 (the “Licence” or “P2320”). As a consequence the Licence determined (expired) on 14 May 2023.
Completed a revision of the technical resources on Pilot which resulted in an 18.4% upgrade to the P50 case
Entered into a Memorandum of Understanding with SLB (formerly Schlumberger) for the exclusive provision of drilling and completion services and equipment for the Pilot project
Progressed the reprocessing of the Catcher North seismic survey with TGS and started quantitative interpretation work
Prepared 33rd Round applications (submitted 12 January 2023) which included a 114 bcf gas discovery and a 153 bcf near drill-ready prospect.
Identified two new low-risk exploration prospects with P50 prospective resources of 120 MMbbl and 70 MMbbl (after the reporting period)
Orcadian Energy Plc (AIM:ORCA) is pleased to announce that, further to its announcement of 7 a.m. (London time) today, it has successfully completed and closed the Placing. The Placing was oversubscribed.
Orcadian Energy Plc (AIM:ORCA) is pleased to announce its intention to raise gross proceeds of approximately £0.5 million by means of a placing (the “Placing”) of new Ordinary Shares (the “Placing Shares”) to certain institutional and other investors at a price of 10 pence per share (the “Placing Price”).
Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and gas development company, is pleased to provide an update of its applications in the 33rd Offshore Licensing Round (“the 33rd Round”) which closed last week.
Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and gas development company, announces that at the Company’s AGM held earlier today that all of the resolutions proposed in the Notice of Meeting were duly passed by a poll vote.
Orcadian has entered into a non-binding Heads of Agreement (“HoA”) with Rapid Oil Production Ltd (“Rapid”) to dispose of its interests in the Company’s non-core Crinan and Dandy
Management has completed an update of their estimate of technically recoverable resources for the Pilot field
Technically recoverable resources have increased 18% to 97 MMbbl for a P50 case based upon a polymer flood development scheme
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