Announcements

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 (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 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

Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce its audited results for the twelve months ended 30 June 2022.

Orcadian has entered into a binding Memorandum of Understanding (MoU) with SLB (formerly Schlumberger) to deliver core services for the wells on the Company’s Pilot project.
SLB made a compelling commercial and technical proposal with a strong focus on decarbonisation.
The parties now plan to develop a comprehensive Project Agreement for provision of the services.