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Pilot Farm-out Update

By Announcements, Company & Media news

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.

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Amendment to Facility Agreement

By Announcements, Company & Media news

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.

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Results for the Half Year ended 31 Dec 2022

By Announcements, Company & Media news

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)

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Memorandum of Understanding with SLB

By Announcements, Company & Media news

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.

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Farm-out of Carra Prospect

By Announcements, Company & Media news

Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 11 October 2021, the Company has now executed a formal agreement with Carrick Resources Limited (“Carrick”) in respect of a sub-area of Licence P2320 which covers the Carra prospect (“Carra”) (the “SPA”).

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Draft FDP and Farm-out Process Update

By Announcements, Company & Media news

Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that:
the Company has submitted a draft Field Development Plan for the Pilot oilfield to the North Sea Transition Authority (NSTA);a structured farm-out process has been initiated for the Pilot oilfield; new tax regime has transformed economics of North Sea investment for tax-paying companies.

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Orcadian Report provides carbon emissions solution for North Sea

By Announcements, Company & Media news

Orcadian Energy (AIM: ORCA), is delighted to present its final report into Central North Sea electrification, which has now been delivered to the North Sea Transition Authority (NSTA, previously known as the Oil and Gas Authority or the OGA) and operators of facilities in the Central North Sea. “Orcadian’s Microgrid Concept” for the electrification of oil and gas platforms aims to dramatically cut carbon emissions, ensuring that the oil and gas that features in our future energy mix is as sustainable as possible.   

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