17 May 2022
Orcadian Energy plc
(“Orcadian Energy”, “Orcadian” or the “Company”)
Mello2022 Investor Conference
Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and gas development company is delighted to announce that Steve Brown, CEO, will be presenting at the Mello2022 investor conference on Thursday 26th May 2022, to be held at the Clayton Hotel Chiswick, Chiswick High Road, London, W4 5RY. For further information on the Mello2022 conference, please visit the event website at https://melloevents.com/mello2022/.
The presentation will also be available on the Company’s website.
For further information on the Company please visit the Company’s website: https://orcadian.energy
|Orcadian Energy plc||+ 44 20 7920 3150|
Steve Brown, CEO
Alan Hume, CFO
|WH Ireland (Nomad and Joint Broker)||+44 20 7220 1666|
Harry Ansell / Fraser Marshall (Corporate Broking)
Katy Mitchell / Andrew de Andrade (Nomad)
|Shore Capital (Joint Broker)||+44 20 7408 4090|
Toby Gibbs / James O’Neill (Advisory)
|Tavistock (PR)||+ 44 20 7920 3150|
|Charlesbye (PR)||+ 44 7403 050525|
Lee Cain / Lucia Hodgson
About Orcadian Energy
Orcadian is a North Sea oil and gas operator with a difference. In planning its Pilot development, Orcadian has selected wind power to transform oil production into a cleaner and greener process. The Pilot project is moving towards approval and will be amongst the lowest carbon emitting oil production facilities in the world, despite being a viscous crude. Orcadian may be a small operator, but it is also nimble, and the Directors believe it has grasped opportunities that have eluded some of the much bigger companies. As we strike a balance between Net Zero and a sustainable energy supply, Orcadian intends to play its part to minimise the cost of Net Zero and to deliver reliable organic 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 low emissions, field development plan for Pilot is based upon a Floating Production Storage and Offloading (FPSO) vessel, with over thirty wells to be drilled by a Jack-up rig through a pair of well head platforms and provision of power from a floating wind turbine to provide much of the energy used in the production process.
Emissions per barrel produced are expected to be about an eighth of the 2020 North Sea average, and less than half of the lowest emitting oil facility currently operating on the UKCS. On a global basis this places the Pilot field emissions at the low end of the lowest 5% of global oil production.