REG - Orcadian Energy PLC - Result of Annual General Meeting

Orcadian EnergyAnnouncement

17/01/2022 15:25

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RNS Number : 7146Y  Orcadian Energy PLC  17 January 2022

 

 

 

 

17 January 2022

Orcadian Energy plc

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

 

 

Result of Annual General Meeting

 

Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas development
company, announces that at the Company's AGM held earlier today that all of
the resolutions proposed in the Notice of Meeting were duly passed by a poll
vote.

 

The total votes were cast on the poll vote were as follows:

 

 Resolution  Total Shares Voted  Shares               %               Abstain
                                 For         Against  For    Against
 1           44,345,109          44,342,656  2,453    99.99  0.01     0
 2           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 3           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 4           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 5           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 6           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 7           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 8           44,322,109          44,319,656  2,453    99.99  0.01     23,000
 9           44,345,109          44,318,239  26,870   99.94  0.06     0
 10          44,345,109          44,318,239  26,870   99.94  0.06     0

 

 

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                            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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