16 September 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Appointment of Joint Broker
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas development company, is pleased to announce the appointment of Shore Capital as Joint Broker to the Company, alongside WH Ireland, with immediate effect.
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 | |
| WH Ireland (Nomad and Joint Broker) | +44 20 7220 1666 |
| Harry Ansell / Fraser Marshall (Corporate Broking) Katy Mitchell / Andrew de Andrade (Nomad) | |
| Shore Capital (Joint Broker) | +44 20 7408 4090 |
| Jerry Keen (Corporate Broking) Edward Mansfield / James O'Neill (Advisory) | |
| Tavistock (PR) | + 44 20 7920 3150 |
| Nick Elwes / Simon Hudson / Matthew Taylor | orcadian@tavistock.co.uk |
About Orcadian 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 2018 North Sea average and to lie in the lowest 5% of global oil production.
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