REG - Orcadian Energy PLC - Notice of Annual General Meeting

Orcadian EnergyAnnouncement

17/12/2021 07:00

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RNS Number : 9666V  Orcadian Energy PLC  17 December 2021

 

 

 

 

17 December 2021

Orcadian Energy plc

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

 

 

Notice of  Annual General Meeting

Posting of Report and Accounts

 

Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas development
company, announces that it has today posted to Shareholders its report and
accounts for the period ended 30 June 2021 (see announcement of 16 December
2021) and also dispatched the Notice of its Annual General Meeting of the
Company (the "AGM" or "Annual General Meeting"). Both documents are available
on the Company's website https://orcadian.energy (https://orcadian.energy)

 

Notice of AGM

The Company confirms that its AGM will be held at the offices of Shakespeare
Martineau LLP, 6th Floor, 60 Gracechurch Street, London EC3V 0HR on Monday
17th January 2022 at 11.00 a.m and for those shareholders looking to listen
(but not vote or participate) online access is available via the "Investor
Meet Company" platform, further details of which are set out below.

 

In the light of the COVID-19 pandemic, Shareholders are encouraged to vote by
proxy rather than attending the Annual General Meeting in person. Shareholders
who attend in person may not be granted entry to the Annual General Meeting
due to capacity restrictions at the venue. If you do plan to attend the Annual
General Meeting in person, we kindly ask that you register your intention as
soon as possible as numbers may be restricted. Please e-mail:
info@orcadian.energy (mailto:info@orcadian.energy) as soon as possible to help
us to make appropriate arrangements. Shareholders can pre-submit questions on
the Resolutions and/or business of the Annual General Meeting to
info@orcadian.energy (mailto:info@orcadian.energy) .   A summary of
responses to questions will be published at https://orcadian.energy
(https://orcadian.energy)  and, if appropriate, an announcement will be made
at the same time. Responses to questions received before 7th January 2022 will
be provided before proxy voting closes on 13th January 2022 so that
Shareholders can make an informed voting decision.

 

The Directors continue to closely monitor developments relating to COVID-19
and if any change to the AGM arrangements are required, the Company will
notify this to all shareholders as soon as possible

 

AGM Online (Attendance only)

In order to ensure that shareholders are able to follow the proceedings of the
AGM, the Company will provide access online through the Investor Meet Company
platform. However, shareholders will not be able to vote online during the
Meeting and shareholders are therefore urged to ensure that their votes are
counted at the AGM by appointing the Chairman of the AGM as their proxy and
submitting their completed Form of Proxy as soon as possible.

 

Shareholders are also invited to submit written questions for the Board to
consider at the AGM. Questions can be pre submitted in advance of the AGM via
the Investor Meet Company Platform up to 4.30pm on Friday 14th January 2022,
being the last working day before the AGM, or at any time during the AGM
itself. The Board will respond to key questions during the meeting, and will
provide such answers on its website thereafter (and by way of announcement, if
appropriate).

 

Shareholders who wish to listen to the AGM online should register for the
event in advance via the following link:

 

https://www.investormeetcompany.com/orcadian-energy-plc/register-investor
(https://www.investormeetcompany.com/orcadian-energy-plc/register-investor)
 

 

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 / James O'Neill (Advisory)
 Tavistock (PR)                                       + 44 20 7920 3150
 Nick Elwes / Simon Hudson / Matthew Taylor           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 oil and gas operator with a difference. 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 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 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 2020 North Sea average and
to lie in the lowest 5% of global oil production.

 

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