REG - Orcadian Energy PLC - Board Changes

Orcadian EnergyAnnouncement

29/09/2022 07:00

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RNS Number : 0616B  Orcadian Energy PLC  29 September 2022

 

 

 

29 September 2022

Orcadian Energy plc

("Orcadian Energy", "Orcadian" or the "Company")

 

Board Changes

 

Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and gas
development company, announces the following changes to the Board.

Greg Harding has confirmed his intention to retire from the Board of the
Company at the end of the year. Greg was a founder of Orcadian back in October
2013 when he and Steve Brown started screening relinquishment reports for a
North Sea project of scale. After almost nine years with Orcadian, Greg is
planning to retire. The Board thanks Greg for his outstanding contribution to
our understanding of the very best way to develop the Pilot field, and his
unwavering support for our plans. Greg will cease to be a director of the
Company from the 31(st) December 2022 and the Board all wish Greg the very
best in his retirement.

Christian Wilms has advised the Board that given his increasing executive
responsibilities, it has become difficult for him to dedicate the necessary
time to his role as a non-executive at Orcadian. As such, Christian has asked
to leave the board; and he will cease to be a director of the Company from the
31(st) October 2022. Christian joined the Orcadian board in 2019, just as he
was moving from Shell to MOL. He has been a great counsellor, both technically
and commercially, and his advice will be much missed. We wish him all the best
in his future career.

Following these changes, the Orcadian board will consist of four directors:
Joe Darby, Non-Executive Chairman, Tim Feather, Independent Non-Executive
Director, Steve Brown, Chief Executive Officer and Alan Hume, Chief Financial
Officer. The board is aware of its responsibilities under the QCA Corporate
Governance Code for smaller companies to have two independent non-executive
directors on the board of the Company, and will look to appoint a new
independent board member in due course.

 The board committees will be made up as follows:

 

                         Joe Darby  Tim Feather  Steve Brown  Alan Hume
 Audit Committee         ✔︎         ✔︎
 Remuneration Committee  ✔︎         ✔︎
 Compliance Committee    ✔︎         ✔︎                        ✔︎
 Reserves Committee      ✔︎                      ✔︎
 Risk Committee          ✔︎         ✔︎

 

 

Steve Brown, Orcadian's CEO, said:

"I have worked with Greg in various companies and roles for the last
twenty-five years, and we have had many petroleum engineering debates
throughout that time. I'll miss that a lot. Greg has been an outstanding
reservoir engineer and director and I wish him a long and enjoyable
retirement.

"Christian joined Orcadian as he transitioned from Shell to MOL. He has a
great career in front of him and it was always possible that, at this stage in
his career, it would become too burdensome to discharge his responsibilities
as a non-executive director. We wish him all the best in the future, and I
will surely still call on him for his counsel and advice."

 

For further information on the Company please visit the Company's website:
https://orcadian.energy (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
 Katy Mitchell /  Andrew de Andrade (Nomad)

 Harry Ansell / Fraser Marshall (Corporate Broking)

 Shore Capital (Joint Broker)                         +44 20 7408 4090
 Toby Gibbs
 Tavistock (PR)                                       + 44 20 7920 3150
 Nick Elwes / Simon Hudson                            orcadian@tavistock.co.uk (mailto:orcadian@tavistock.co.uk)
 Charlesbye (PR)                                      + 44 7403 050525
 Lee Cain / Lucia Hodgson

 

About Orcadian Energy

Orcadian is a North Sea focused, low emissions, oil and gas development
company. 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 to 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 low emissions,
field development plan for Pilot is based upon a Floating Production Storage
and Offloading vessel (FPSO), with over thirty wells to be drilled by a
Jack-up rig through a pair of well head platforms and provision of power from
a floating wind turbine.

Emissions per barrel produced are expected to be about an eighth of the 2020
North Sea average, and less than half of the lowest emitting oil facility
currently operating on the UKCS. On a global basis this places the Pilot field
emissions at the low end of the lowest 5% of global oil production.

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