REG - Orcadian Energy PLC - PDMR Update

Orcadian EnergyAnnouncement

21/09/2023 12:45

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RNS Number : 2451N  Orcadian Energy PLC  21 September 2023

 

Orcadian Energy plc

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

 

PDMR Update

 

The Company was notified today, that on 18 September 2023 Alan Hume, a
director of the Company:

 

·    transferred 320,000 Ordinary Shares in the Company into a third party
nominee, as his ISA provider, W B Nominees Limited, at a price of 6p per
Ordinary Share. He remains the ultimate benefical holder of these shares; and

·   transferred 164,000 Ordinary shares to each of his children for nil
consideration, as a gift (a total of 492,000 Ordinary Shares).

 

Accordingly, the total number of ordinary shares that Alan Hume is interested
in is 3,544,960 Ordinary Shares representing 4.9% per cent of the issued share
capital of the Company.

 

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

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                                         Alan Hume
 2   Reason for the notification
 a)  Position/status                                              FD
 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 0.5 pence each

     Identification code

                                                                  GB00BN0TY502
 b)  Nature of the transaction                                    Transfer between connected accounts
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  6p        320,000
 d)  Aggregated information

     -   Aggregated volume                                        320,000

      -   Price                                                   6p
 e)  Date of the transaction                                      18 September 2023
 f)  Place of the transaction                                     London Stock Exchange (XLON)

d)

Aggregated information

-   Aggregated volume

 -   Price

 

320,000

6p

e)

Date of the transaction

18 September 2023

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

 1   Details of the PCA
 a)  Name                                                         Alan Hume
 2   Reason for the notification
 a)  Position/status                                              FD
 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 0.5 pence each

     Identification code

                                                                  GB00BN0TY502
 b)  Nature of the transaction                                    Gift to his children
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  nil       492,000
 d)  Aggregated information

     -   Aggregated volume                                        492,000

      -   Price                                                   nil
 e)  Date of the transaction                                      18 September 2023
 f)  Place of the transaction                                     London Stock Exchange (XLON)

d)

Aggregated information

-   Aggregated volume

 -   Price

 

492,000

nil

e)

Date of the transaction

18 September 2023

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)

 Tavistock (PR)                               + 44 20 7920 3150
 Nick Elwes / Simon Hudson / Matthew Taylor   orcadian@tavistock.co.uk (mailto:orcadian@tavistock.co.uk)

 

 

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 energy to the UK.

Orcadian Energy (CNS) Ltd, Orcadian's operating subsidiary, was founded in
2014 and is the sole licensee of P2244, which contains 78.0 MMbbl of 2P
Reserves in the Pilot discovery, and of P2482, which contain a further 52.2
MMbbl of 2C Contingent Resources in the Elke and Narwhal discoveries (as
audited by Sproule, with both numbers modified to take into account the TGS
royalty, see the CPR in the Company's Admission Document for more details).
Within these licences there are also 118 MMbbl of unrisked Prospective
Resources (modified for TGS royalty). These licences are in blocks 21/27a,
28/2a and 28/3a, and lie 150 kms due East of Aberdeen.

Pilot, which is the field with the largest reserves in Orcadian's portfolio,
was discovered by PetroFina 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 and provision of power from a floating
wind turbine.

Emissions per barrel produced are expected to be about a tenth of the 2021
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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