Orcadian Energy Announces Results for the Year Ended 30 June 2022

Source: www.gulfoilandgas.com 12/16/2022, Location: Europe

Orcadian Energy (ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce its audited results for the twelve months ended 30 June 2022.

Highlights since last Annual Report:

- “Letter of no objection” received from North Sea Transition Authority (“NSTA”) in respect of Orcadian’s proposed low emission development concept for Pilot
- Twelve month extensions to both the Second Term of our P2244 (Pilot) licence (after period end) and Phase A of P2320 (Blakeney) agreed by NSTA, P2482 (Elke) licence continued into Phase B
- Significant progress made in defining the sub-surface opportunity at Pilot with the newly reprocessed TGS owned seismic dataset noting a 10% uplift to the developed area oil-in-place
- Multiple geological models built which provide further confidence to simplify and optimise Pilot development plan
- Innovative commercial arrangement with TGS to access over 2,000 sq km of newly reprocessed, and to be reprocessed, 3D seismic – also enabling Orcadian to acquire new seismic over Elke and Narwhal subject to the Pilot project achieving FDP approval.
- Since end of the period under review, SLB (formerly Schlumberger) selected as preferred well service provider with MoU signed
- Discussions continue with preferred FPSO provider – also exploring alternative concepts which could significantly reduce upfront capital requirements
- Launch of the Carra farm-out process, in partnership with Carrick Resources once the 33rd Round is closed - Plan to participate in the 33rd Seaward Licensing round.

Steve Brown, Orcadian’s CEO, said:
“The last year has seen a seismic shift in sentiment surrounding the oil and gas sector. Energy security is now rightly at the forefront of the agenda. We believe the Pilot project has the potential to significantly contribute to this for the UK, whilst being a flagship project demonstrating how to reduce global emissions and make a contribution to a secure transition to net zero.

“We therefore believe the year ahead promises to be a significant year for the Company as we look to progress Pilot and deliver the value that we believe is inherent in the project. We would like to thank all our shareholders for their continued support and look forward to providing further updates in the coming year.”

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