Announcements

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.

Orcadian Energy plc is pleased to advise that its subsidiary, Orcadian Energy (CNS) Ltd (“Orcadian CNS”) yesterday executed an agreement to amend the repayment date in its secured facility agreement with Shell International Trading and Shipping Company Limited (“STASCO”).

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.