Orcadian Energy PLC Pilot Farm-out Update (3671V)
01 12월 2023 - 4:00PM
UK Regulatory
TIDMORCA
RNS Number : 3671V
Orcadian Energy PLC
01 December 2023
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF
UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
1 December 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Pilot Farm-out Update
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.
-- Notwithstanding this, the Company has yesterday submitted to
the North Sea Transition Authority ("NSTA") a request to:
a. consent to an assignment under, and in accordance with,
clause 40(1) of the Licence to the Operator; and
b. approval of appointment of the Operator as operator under,
and in accordance with, clause 24 of the P2244 Licence.
The Company has attached to this application the currently
agreed Sale and Purchase Agreement ("SPA"), on the understanding
that a fully executed SPA will be filed before 7 December 2023. The
Company is in conversations with NSTA to confirm that this approach
will satisfy the extension conditions for P2244, set out in the
announcement of 25 October 2023. However, if it does not, and in
any event if an SPA is not signed by the New Deadline, then
Orcadian will withdraw the NSTA request and, unless NSTA agree
otherwise, Orcadian's interest in P2244 will automatically cease
and determine on the 30 December 2023.
There can be no guarantee that the SPA with a potential operator
will be signed by the New Deadline but the Directors have every
confidence that it will be.
Further updates will be provided in due course.
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 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 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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