Orcadian Energy (ORCA), the North Sea focused, oil and gas development company, announces the following general update and an issue of new
Concept Selection Update
The Company confirms that it has now filed an addendum to the Pilot field Concept Select Report (“CSR”) with the Oil and Gas Authority (“OGA”). This followed the execution of an agreed work programme which included polymer core flood tests and work to reduce the carbon dioxide emissions from the project. The selected concept has now been revised to include a significant improvement in process heat management and power generation efficiency. To further improve emissions performance Orcadian has also chosen to include a floating wind turbine in the development concept. Following a review by Crondall Energy Limited, these initiatives combined have the potential to reduce expected Scope 1 emissions from the development by over 80%, to 2.6 kgCO2e/bbl (see the Company’s Admission Document for more information).
Issue of Shares
Following the completion of the placing and the Company’s Admission to AIM, Alisanos Geoscience Ltd, which has provided the services of geoscience consultant Maurice Bamford to the Company, has agreed to take £50,000 of £71,422 owed to it by Orcadian in ordinary shares in the Company at the Admission price of 40p per share. As a result of this Alisanos Geoscience Ltd (or other parties as it so directs) will today be issued with 125,000 ordinary shares in the Company (“New Shares”).
Application will be made to admit the New Shares to trading on AIM (“New Shares Admission“). Admission is expected to become effective, and dealings in the New Shares will commence on 21 July 2021. The New Shares will rank pari passu in all respects with the Company’s existing ordinary shares in issue.
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), the issued ordinary share capital of the Company following the New Shares Admission will consist of 63,755,174 ordinary shares with voting rights attached (one vote per ordinary share). There are no ordinary shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the DTRs.