Orcadian Energy PLC Lock-in agreement
23 10월 2023 - 3:04PM
RNS Non-Regulatory
TIDMORCA
Orcadian Energy PLC
23 October 2023
RNS Reach
23 October 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Lock-in agreement
Orcadian is pleased to announce that a six-month lock-in
agreement has been signed in respect of 7,049,695 ordinary shares
held in the Company by former director of the Company, Greg Harding
and his wife, Nora Harding (representing 9.35% of the issued share
capital of the Company) (the "Harding Holding").
The agreement provides that Greg and Nora Harding will not
dispose of the Harding Holding for the six month period from 23
October 2023, save in certain limited circumstances.
This lock-in was required by a third party who have agreed to
acquire the balance of 456,546 Ordinary Shares ("Initial Holding")
held by Greg and Nora Harding, pursuant to the terms of an
off-market transaction between them. The agreement also provides
that if the Orcadian share price exceeds certain price parameters
during the lock-in period, the third party will pay a further
amount per Ordinary Share for the Initial Holding.
Steve Brown, Orcadian's CEO, said:
"We are pleased that this agreement has been signed. We believe
it demonstrates the belief shown in the work we are doing to
progress the Pilot project, and the potentially significant value
of our licences. We are working hard to promote the Company and
have recently welcomed new investors to the Company.
"We look forward to providing updates on the proposed farm-in to
the Pilot Project and to the outcome of our applications in the
33rd Offshore Licensing Round. "
For further information on the Company please visit the
Company's website: https://orcadian.energy
Non-Regulatory Announcement
Contact:
Orcadian Energy plc + 44 20 7920 3150
Steve Brown, CEO
Alan Hume, CFO
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 energy to the
UK.
Orcadian Energy (CNS) Ltd, Orcadian's operating subsidiary, was
founded in 2014 and is the sole licensee of P2244, which contains
78.0 MMbbl of 2P Reserves in the Pilot discovery, and of P2482,
which contain a further 52.2 MMbbl of 2C Contingent Resources in
the Elke and Narwhal discoveries (as audited by Sproule, with both
numbers modified to take into account the TGS royalty, see the CPR
in the Company's Admission Document for more details). Within these
licences there are also 118 MMbbl of unrisked Prospective Resources
(modified for TGS royalty). These licences are in blocks 21/27a,
28/2a and 28/3a, and lie 150 kms due East of Aberdeen.
Pilot, which is the field with the largest reserves in
Orcadian's portfolio, was discovered by PetroFina 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 and provision of power
from a floating wind turbine.
Orcadian has entered into a non-binding heads of terms with a
North Sea Operator which details the terms under which the Operator
will farm-in to the Pilot development project. Upon conclusion of
this deal Orcadian would have an 18.75% stake in the Pilot
development with all pre-first oil development costs paid by the
North Sea Operator.
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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