Further to the announcements of 18 September 2023 and 25 October 2023 the Company provides the following update on its potential farm-out of its flagship asset the Pilot development project (Licence P2244). The Company has today agreed with the potential operator (the “Operator”) a seven day extension, from 30 November 2023 until 7 December 2023 (the “New Deadline”) for the Operator to execute definitive documentation for an overall farm out deal.
Orcadian Energy plc is pleased to advise that yesterday its subsidiary, Orcadian Energy (CNS) Ltd (“Orcadian CNS”), executed an agreement to amend the repayment date in its secured, facility agreement with Shell International Trading and Shipping Company Limited (“STASCO”). The repayment date of the Loan has now been extended to 13 March 2024.
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)