REG - Orcadian Energy PLC - CLN Update, Issue of Equity & Total Voting Rights

Orcadian EnergyAnnouncement

05/02/2026 07:02

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RNS Number : 7869R  Orcadian Energy PLC  05 February 2026

5 February 2026

Orcadian Energy plc

("Orcadian" or the "Company")

CLN Update, Issue of Equity & Total Voting Rights

Orcadian Energy (AIM:ORCA) is pleased to announce that it has now received a
total of £440,000 in gross proceeds from the issue of Convertible Loan Notes
("CLNs"), as previously announced on 30 December 2025. Albion Labs Jersey
Limited ("Albion Labs Jersey") is one of the investors and is expected to
continuing funding through further purchases of CLNs up to the maximum issue
of £500,000.

The Company further announces that it has received a conversion notice in
respect of a CLN held by one of the loan note holders and has issued
204,931 new ordinary shares, which settles £27,500 of the face value loan
amount.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for 204,931 new
ordinary shares to be admitted to trading on AIM ("Admission"). Admission is
expected to take place at 8.00 a.m. on or around 10 February 2026.

Following Admission, the total voting rights in the Company will
be 79,205,343 ordinary shares and Shareholders may use this figure as the
denominator by which they are required to notify their interest in, or change
to their interest in, the Company under the FCA's Disclosure, Guidance and
Transparency Rules.

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
 Zeus (Nomad and Joint Broker)       +44 20 3829 5000
 Darshan Patel / John Moran

  (Investment Banking)

 Simon Johnson (Corporate Broking)
 Albr (Joint Broker)                 +44 207 399 9425
 Colin Rowbury / Jon Belliss

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. Following the
farm-down of Pilot, the project is now under the stewardship of Ping Petroleum
UK PLC ("Ping") and is intended to become 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 was awarded three licences in the 33(rd) round. The Mid-North Sea
High licence, P2650, contains shallow gas leads. Orcadian applied in
partnership with Triangle Energy, an Australian listed energy company.
Orcadian is licence administrator and holds 50% of the 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, P2634, 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 a 50% working interest in the
Fynn licence which is now operated by Serica. The Fynn licence covers blocks
14/15a, 14/20d and 15/11a. The Fynn licence also contains the Lowlander
discovery with contingent resources of 21.4 mmbbls.

The SNS licence, P2680, currently 100% but intended to be 50% Orcadian on
completion of a proposed transaction, contains the Earlham discovery, a
low-calorie gas discovery with 114bcf of methane resources on a P50 basis, the
Clover prospect which has P50 prospective resources of 153bcf, and the
decommissioned Orwell field which has redevelopment potential, alongside a
number of smaller prospects.

 

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