REG - Orcadian Energy PLC - Appointment of Joint Broker

Orcadian EnergyAnnouncement

16/09/2021 07:00

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RNS Number : 9153L  Orcadian Energy PLC  16 September 2021

 

 

 

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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