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(Alliance News) - Orcadian Energy PLC on Monday said a former director of the company has signed a six-month lock-in agreement alongside his wife over 7.0 million shares held by the couple.
The North Sea-focused oil and gas development company said Greg and Nora Harding agreed to not dispose of their 9.4% equity holding in Orcadian Energy for six months from Monday, with exception to "certain limited circumstances".
Orcadian Energy said the lock-in was required by a third-party, who have agreed to acquire the balance of 456,546 shares held by Greg and Nora Harding.
The agreement also stipulates that if the Orcadian share price exceeds certain price parameters during the lock-in period, the third party will pay a further amount per share. Further financial details were not disclosed.
"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," said Chief Executive Officer Steve Brown.
"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."
Shares in Orcadian Energy were up 5.1% to 23.11 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
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