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:
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Orcadian Energy
plc
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+ 44 20 7920 3150
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Steve Brown, CEO
Alan Hume, CFO
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|
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Zeus (Nomad and
Joint Broker)
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+44 20 3829 5000
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Dan Bate / Alex Campbell-Harris (Investment
Banking)
Simon Johnson (Corporate Broking)
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|
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Novum (Joint
Broker)
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+44 207 399 9425
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Colin Rowbury / Jon Belliss
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Tavistock
(PR)
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+ 44 20 7920 3150
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Nick Elwes / Simon Hudson
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orcadian@tavistock.co.uk
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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.