Last checked at 20 Dec 2021 07:00
20 December 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
PDMR Transfer of Shareholding
The Company was notified today that on 17 December 2021 Stephen Brown, a director of the Company and his wife, Julia Cane-Honeysett, have transferred their entire holding of ordinary shares in the Company to a third party nominee, Ferlim Nominees Limited, for nil consideration. Stephen Brown and his wife remain the beneficial holders of these shares. Accordingly, the total number of ordinary shares that Julia Cane-Honeysett has an interest in remains unchanged at 14,739,495 Ordinary Shares, representing 23.12% of the issued share capital of the Company, and the total number of Ordinary Shares that Stephen Brown is deemed to be interested in, including the ordinary shares held by his wife, remains unchanged at 29,164,683 Ordinary Shares, representing 45.74% of the issued share capital in the Company.
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
1 | Details of the person discharging managerial responsibilities | |||||||
a) | Name | Stephen Brown | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | CEO | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Orcadian Energy plc | ||||||
b) | LEI | 213800S2M4Z7VSJVN964 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.1 pence each
GB00BN0TY502 | ||||||
b) | Nature of the transaction | Transfer between connected accounts | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
14,425,188 Nil | ||||||
e) | Date of the transaction | 17 December 2021 | ||||||
f) | Place of the transaction | London Stock Exchange (XLON) | ||||||
1 | Details of the PCA | |||||||
a) | Name | Julia Cane-Honeysett | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PCA of Stephen Brown | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Orcadian Energy plc | ||||||
b) | LEI | 213800S2M4Z7VSJVN964 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.1 pence each
GB00BN0TY502 | ||||||
b) | Nature of the transaction | Transfer between connected accounts | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
14,739,495 Nil | ||||||
e) | Date of the transaction | 17 December 2021 | ||||||
f) | Place of the transaction | London Stock Exchange (XLON) | ||||||
Contact:
Orcadian Energy plc | + 44 20 7920 3150 |
Steve Brown, CEO Alan Hume, CFO | |
WH Ireland (Nomad and Joint Broker) | +44 20 7220 1666 |
Katy Mitchell / Andrew de Andrade (Nomad) Harry Ansell / Fraser Marshall (Corporate Broking)
| |
Shore Capital (Joint Broker) | +44 20 7408 4090 |
Toby Gibbs / James O'Neill (Advisory) | |
Tavistock (PR) | + 44 20 7920 3150 |
Nick Elwes / Simon Hudson / Matthew Taylor | orcadian@tavistock.co.uk |
Charlesbye (PR) | + 44 7403 050525 |
Lee Cain / Lucia Hodgson |
About Orcadian Energy
Orcadian is a North Sea oil and gas operator with a difference. 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 deliver reliable organic energy.
Orcadian Energy (CNS) Ltd ("CNS"), Orcadian's operating subsidiary, was founded in 2014 and is the sole licensee of P2244, which contains 78.8 MMbbl of 2P Reserves in the Pilot discovery, and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C Contingent Resources in the Elke, Narwhal and Blakeney discoveries (as audited by Sproule, see the CPR in the Company's Admission Document for more details). Within these licences there are also 191 MMbbl of unrisked Prospective Resources. These licences are in blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of Aberdeen. The Company also has a 50% working interest in P2516, which contains the Fynn discoveries. P2516 is administered by the Parkmead Group and covers blocks 14/20g and 15/16g, which lie midway between the Piper and Claymore fields, 180 kms due East of Wick.
Pilot, which is the largest oilfield in Orcadian's portfolio was discovered by Fina 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 development plan for Pilot is based upon a Floating Production Storage and Offloading vessel, with over thirty wells to be drilled by a Jack-up rig through a pair of well head platforms and will include a floating wind turbine to provide much of the energy used in the production process. Emissions per barrel produced are expected to be about an eighth of the 2020 North Sea average and to lie in the lowest 5% of global oil production.