Introduction

Orcadian Energy was established in early 2014 by petroleum engineers and geologists. The company has five licenses, two of which lie 150km due East of Aberdeen and just West of the Gannet field and the Anasuria and Triton FPSOs, in an area known as the Western Platform. These licenses are rich in resources and highly prospective. Take a look through the history page to see when (and with which rig) wells were drilled on these licenses.

Orcadian originally focussed on viscous oil development opportunities in the Central North Sea. We know the UKCS well and the NSTA is a consistent and reliable regulator. Water depths in our core Western Platform acreage are relatively shallow at c. 80-90 metres and the reservoirs are also not very deep at only c. 800 metres, so wells can be drilled on wellhead platforms, with dry trees, from a typical North Sea jack-up rig. These conditions can minimize well cost thus enabling tight development well spacings, which are the key to a successful and profitable polymer flood approach.

Pilot is very well appraised with high quality modern 3D seismic and seven reservoir penetrations. The field has 79mmbbls of proven plus probable reserves, based upon the low salinity polymer flood development plan described in the concept select report submitted to the NSTA in September of 2020. We updated the Concept Select Report during 2021 and submitted a CSR Addendum on 1st July 2021. We farmed out an 81.25% interest in the Pilot licence to Ping Petroleum in March 2024, since then Ping has been re-evaluating the reservoir modeling work and preparing a new Concept Select Report for Pilot. Orcadian retains an 18.75% carried interest in the Pilot field.

Orcadian retains a 100% interest in the Elke and Narwhal fields, which have the potential to add around 100 MMbbl of resources to the area.

We acquired three licences in the 33rd Round: P2634, lies in the Outer Moray Firth and is operated by Serica Energy, Orcadian holds a 50% stake in this licences which contains nearly 90% of the Fynn Beauly discovery which has an oil-in-place, delineated by three wells drilled in the 1970s, of 960 MMbbl. This very large field contains viscous oil, but based on reservoir modeling undertaken by Orcadian for the operator, we believe a hot (200ºF) polymer flood can deliver a high recovery factor.

P2650 lies on the Mid North Sea high and contains a number of shallow gas prospects which can be derisked by applying electromagnetic surveying technology and would be low cost to drill.

The final license P2680 contains the Earlham discovery which contains high carbon dioxide gas, and the Orwell field redevelopment opportunity. Orcadian is in discussions with partners who intend to use this gas in an offshore power station.