Orcadian Energy PLC Annual Licensing Rounds (6234S)
07 11월 2023 - 4:28PM
UK Regulatory
TIDMORCA
RNS Number : 6234S
Orcadian Energy PLC
07 November 2023
7 November 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Annual Licensing Rounds
Orcadian is pleased to note the recent press release from the
Government of the United Kingdom that they intend to legislate to
require the North Sea Transition Authority (NSTA) to invite
applications for new oil and gas production licenses on an annual
basis, subject to certain key conditions being met[1]. The key
conditions relate to the balance of trade in hydrocarbons and
emissions intensity of gas production relative to LNG imports.
As announced on 19 January 2023, the Company made three licence
applications in the 33(rd) Oil and Gas Licensing Round, two in
partnership with other companies and one on its own. The NSTA
announced the award of 27 licences in a first batch of awards, from
115 applications, with 6 more blocks, which were ready to be
offered, merged into five existing licences[2]. NSTA notes that all
applications have been through the initial Habitat Regulation
Assessment and the blocks awarded to date have been identified as
not requiring further assessment. A decision on the other blocks
will be made once the Habitat Regulation Assessment Further
Appropriate Assessment process has been completed. Orcadian can
confirm that no other company was awarded the blocks applied for by
Orcadian, and that the Directors remain optimistic that the
Company's applications will be successful.
Steve Brown, Orcadian's CEO, said:
"We are delighted to hear that the Government intends to
legislate for annual oil and gas licensing rounds. We believe this
puts a lid on the tired argument that domestic oil and gas
production is inconsistent with our climate commitments.
"We believe new projects are the key to reducing the UK's
emissions from producing the oil and gas that is needed for a
secure transition. The NSTA sets industry stringent hurdles to be
cleared before new projects can progress.
"In a world of flattening oil and gas demand, we believe it is
imperative that we refresh the global oil supply with low emission
barrels rather than prolonging the life of tired reservoirs with
high emissions.
"Those who call for no new oil are calling for higher emissions,
fewer jobs for UK workers, energy insecurity and seek to hammer
ordinary folk with higher energy prices. "
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 Limited
Katy Mitchell/Andrew de Andrade +44 207 220 1666
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. If this deal was to
complete Orcadian would have an 18.75% stake in the Pilot
development with all pre-first oil development costs paid by the
North Sea Operator (see announcement dated 18 September 2023 for
more details).
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.
[1]
www.gov.uk/government/news/new-opportunities-for-north-sea-oil-and-gas
[2]
www.nstauthority.co.uk/news-publications/27-licences-offered-in-first-batch-of-33rd-oil-and-gas-licensing-round/
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