The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
4 August 2021
Orcadian Energy plc
(“Orcadian Energy”, “Orcadian” or the “Company”)
Receipt of Seismic Dataset and Engagement of Consultants
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas development company, is pleased to announce that the Company has licensed a 3D seismic dataset, covering the Company’s Pilot and Blakeney discoveries and the Bowhead prospect within block 21/27, from TGS. The dataset received was shot during 2011 and 2012 and was reprocessed to focus on the Tay discoveries and prospects during 2018 and 2019.
The Directors believe that this newly reprocessed survey has the potential to provide improved imaging of the Tay sands and that the seismic attributes may provide valuable indications about potential fluid fill of those sands.
The Company has engaged Axis, https://www.axis-wt.com, to interpret the seismic survey and evaluate the Bowhead prospect on the new dataset. This interpretation will enable the Company to update both its estimate of recoverable prospective resources, and the geological chance of success of the Bowhead prospect. This work is expected to be completed during 4Q 2021.
The area covered by the seismic dataset can be viewed at this link: https://bit.ly/Orca-seismic
Qualified Person’s Statement
Pursuant to the requirements of the AIM Rules and in particular, the AIM Note for Mining and Oil and Gas Companies, Greg Harding has reviewed and approved the technical information and resource reporting contained in this announcement. Greg has more than 35 years’ experience in the oil & gas industry. He holds a BEng in Chemical Engineering from Imperial College and is a Chartered Engineer, European Engineer, and a member of the Society of Petroleum Engineers, the Energy Institute and the Institute of Chemical Engineers. Greg is Technical Director of Orcadian Energy.
For further information on the Company please visit the Company’s website: https://orcadian.energy
Contact:
| Orcadian Energy plc | + 44 20 7920 3150 |
|
Steve Brown, CEO Alan Hume, CFO |
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| WH Ireland (Nomad and Sole Broker) | +44 20 7220 1666 |
|
Harry Ansell / Fraser Marshall (Corporate Broking) Katy Mitchell / James Sinclair-Ford / Lydia Zychowska (Nomad) |
|
| Tavistock (PR) | + 44 20 7920 3150 |
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Nick Elwes Simon Hudson Matthew Taylor |
[email protected] |
About Orcadian Energy
Orcadian Energy (CNS) Ltd (“CNS”), Orcadian’s operating subsidiary, was founded in 2014 and is the sole licensee of P2244, which contains 78.8 MMbbl of 2P reserves in the Pilot discovery, and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C contingent resources in the Elke, Narwhal and Blakeney discoveries (as audited by Sproule, see the CPR in the Company’s Admission Document for more details). Within these licences there are also 191 MMbbl of unrisked prospective resources. These licences are in blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of Aberdeen. The Company also has a 50% working interest in P2516, which contains the Fynn discoveries. P2516 is administered by the Parkmead Group and covers blocks 14/20g and 15/16g, which lie midway between the Piper and Claymore fields, 180 kms due East of Wick.
Pilot, which is the largest oilfield in Orcadian’s portfolio was discovered by Fina in 1989 and has been well appraised. In total five wells and two sidetracks were drilled on Pilot, including a relatively short horizontal well which produced over 1,800 bbls/day on test. Orcadian’s proposed development plan for Pilot is based upon a Floating Production Storage and Offloading vessel, with over thirty wells to be drilled by a Jack-up rig through a pair of well head platforms and will include a floating wind turbine. Emissions per barrel produced are expected to be about one sixth of the current North Sea average and to lie in the lowest 5% of global oil production.
