Last checked at 4 Apr 2024 11:03
4 April 2024
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Investor Presentation via Investor Meet Company
Orcadian Energy plc is pleased to announce that Stephen Brown (CEO) will provide a live presentation via Investor Meet Company on 10 Apr 2024, 12:00 BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 09 Apr 2024, 09:00 BST, or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ORCADIAN ENERGY PLC via:
https://www.investormeetcompany.com/orcadian-energy-plc/register-investor
Investors who already follow Orcadian Energy plc on the Investor Meet Company platform will automatically be invited.
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 | |
Zeus (Nomad and Joint Broker) | +44 20 3829 5000 |
Dan Bate / Alex Campbell-Harris (Investment Banking) Simon Johnson (Corporate Broking) | |
Novum (Joint Broker) | +44 207 399 9425 |
Colin Rowbury / Jon Belliss | |
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 exploration and development company. 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's key asset is the Pilot oilfield, Pilot was discovered by PetroFina in 1989 and has been well appraised. The field has excellent quality reservoir and contains 263MMbbl of a viscous oil ranging in gravity from 17º API in the South of the reservoir to 12º API in the North. In planning the Pilot development, Orcadian has selected polymer flooding and wind power to transform the production of viscous oil into a cleaner and greener process. Polymer significantly reduces fluid handling requirements and hence energy consumption as well as boosting recovery. Ithaca Energy, operator of the Captain field in the Inner Moray Firth, has enjoyed consistent success in applying polymer flood to the highly analogous Captain field. The Pilot project is now under the stewardship of Ping Petroleum UK PLC ("Ping") and is intended to be amongst the lowest carbon emitting oil production facilities in the world.
Ping is progressing a low-emissions, phased, field development plan for Pilot based upon a polymer flood of the reservoir, a Floating Production Storage and Offloading vessel (FPSO) and provision of power from a floating wind turbine or a local wind farm.
Orcadian has an 18.75% fully carried interest in licence P2244 (block 21/27a) and a 100% interest in licence P2482 (blocks 28/2a and 28/3a). Ping is operator of P2244 and the Pilot development project.
Orcadian has also been offered two licences in the 33rd licensing process and expects formal issues of these licences in due course.
The Mid-North Sea High licence contains shallow gas leads Orcadian applied in partnership with Triangle Energy, an Australian listed energy company. Orcadian would be licence administrator and would hold 50% of the offered licence. The Mid-North Sea High licence covers blocks 29/16, 29/17, 29/18, 29/19, 29/21, 29/22, 29/23, 29/27 and 29/28.
The Fynn licence contains a very substantial heavy oil discovery. About 88% of the resource on a best technical case is estimated to lie within the area of the offered licence. Orcadian has been offered a 50% working interest in the Fynn licence to be operated by the Parkmead Group. The Fynn licence covers blocks 14/15a, 14/20d and 15/11a.