REG - Orcadian Energy PLC - PDMR Transfer of Shareholding

Orcadian EnergyAnnouncement

20/12/2021 07:00

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RNS Number : 1209W  Orcadian Energy PLC  20 December 2021

 

 

 

20 December 2021

Orcadian Energy plc

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

 

PDMR Transfer of Shareholding

 

The Company was notified today that on 17 December 2021 Stephen Brown, a
director of the Company and his wife, Julia Cane-Honeysett, have transferred
their entire holding of ordinary shares in the Company to a third party
nominee, Ferlim Nominees Limited, for nil consideration. Stephen Brown and his
wife remain the beneficial holders of these shares. Accordingly, the total
number of ordinary shares that Julia Cane-Honeysett has an interest in remains
unchanged at  14,739,495 Ordinary Shares, representing 23.12% of the issued
share capital of the Company, and the total number of Ordinary Shares that
Stephen Brown is deemed to be interested in, including the ordinary shares
held by his wife, remains unchanged at 29,164,683 Ordinary Shares,
representing 45.74% of the issued share capital in the Company.

 

The notifications set out below are provided in accordance with the
requirements of the EU Market Abuse Regulation.

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                                         Stephen Brown
 2   Reason for the notification
 a)  Position/status                                              CEO
 b)  Initial notification/amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Orcadian Energy plc
 b)  LEI                                                          213800S2M4Z7VSJVN964
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary shares of 0.1 pence each

     Identification code

                                                                  GB00BN0TY502
 b)  Nature of the transaction                                    Transfer between connected accounts
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       14,425,188
 d)  Aggregated information

     -   Aggregated volume                                        14,425,188

      -   Price                                                   Nil
 e)  Date of the transaction                                      17 December 2021
 f)  Place of the transaction                                     London Stock Exchange (XLON)

d)

Aggregated information

-   Aggregated volume

 -   Price

 

14,425,188

Nil

e)

Date of the transaction

17 December 2021

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

 1   Details of the PCA
 a)  Name                                                         Julia Cane-Honeysett
 2   Reason for the notification
 a)  Position/status                                              PCA of Stephen Brown
 b)  Initial notification/amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Orcadian Energy plc
 b)  LEI                                                          213800S2M4Z7VSJVN964
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary shares of 0.1 pence each

     Identification code

                                                                  GB00BN0TY502
 b)  Nature of the transaction                                    Transfer between connected accounts
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       14,739,495
 d)  Aggregated information

     -   Aggregated volume                                        14,739,495

      -   Price                                                   Nil
 e)  Date of the transaction                                      17 December 2021
 f)  Place of the transaction                                     London Stock Exchange (XLON)

d)

Aggregated information

-   Aggregated volume

 -   Price

 

14,739,495

Nil

e)

Date of the transaction

17 December 2021

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

 

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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