Orcadian Energy PLC Share Price Movement Update (0889I)
02 8월 2023 - 8:06PM
UK Regulatory
TIDMORCA
RNS Number : 0889I
Orcadian Energy PLC
02 August 2023
02 August 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Share Price Movement Update
Orcadian notes the significant rise in the Company's share price
today. The Board confirms that it is not aware of any specific
reason for this increase.
The Directors are aware of the positive support given by the UK
Government on 31 July 2023 to the future of the oil and gas
industry focussed on the UK Continental Shelf. The UK Government
has confirmed that it intends to proceed with awards of licences in
the 33(rd) Round. As announced on the 19 January 2023, the Company
applied for three licences in the 33(rd) Round. The Company has
completed its NSTA interviews and remains optimistic that licences
may be offered in due course, but there can be no guarantee that
any licences will be offered to the Company. In addition, the
Government's clear support for further development of oil and gas
in the UK is very welcome, and provides a supportive background to
the Company's discussions with potential partners.
The Company's focus is as documented in the Company's interim
results announcement dated 30 March 2023. The Company is looking to
find a farm-in partner or a new owner for Pilot and the Directors
intention is to elicit offers during 3Q of 2023 so that a new
operator can take the project forward. The Company is continuing
discussions with a number of oil and gas operators interested in
partnering in the development of Pilot, or acquiring the Pilot
Licence, and/or partnering with Orcadian to re-apply for the area
covered by the former P2320 licence. As set out in the announcement
of 30 March 2023, whilst the Company is considering all options at
this stage, any disposal of Licence P2244 and the Pilot project
would likely be a fundamental change of business for Orcadian
pursuant to Rule 15 of the AIM Rules for Companies. Such a disposal
would therefore be conditional on the consent of shareholders; and
require both an announcement and the publication of a shareholder
circular detailing the potential disposal. However, there can be no
guarantee that any transaction will occur. Further updates will be
provided as required.
As also previously indicated to the market, the Company needs to
raise new finance in the short term for working capital and to
repay the loan facility with Shell of c. GBP1m due for repayment at
the end of August 2023. In the meantime, the Company's working
capital remains severely constrained. Cash at the end of July 2023
was GBP97k. A number of conversations are progressing with
potential providers of finance but there can be no guarantee that
any financing arrangements will be entered into.
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
WH Ireland (Nomad and Joint Broker) +44 20 7220 1666
Katy Mitchell / Andrew de Andrade (Nomad)
Harry Ansell / Fraser Marshall (Corporate
Broking)
Tavistock (PR) + 44 20 7920 3150
Nick Elwes / Simon Hudson orcadian@tavistock.co.uk
About Orcadian Energy
Orcadian is a North Sea focused, low emissions, oil and gas
development company . 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 P2482, which contain a further 52.7 MMbbl of 2C Contingent
Resources in the Elke and Narwhal discoveries (as audited by
Sproule, see the CPR in the Company's Admission Document for more
details). Within these licences there are also 119 MMbbl of
unrisked Prospective Resources. These licences are in blocks
21/27a, 28/2a and 28/3a, 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 vessel (FPSO), 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.
Emissions per barrel produced are expected to be about a tenth
of the 2021 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.
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