REG - Orcadian Energy PLC - Result of Annual General Meeting

Orcadian EnergyAnnouncement

15/01/2025 15:45

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RNS Number : 4796T  Orcadian Energy PLC  15 January 2025

 

15 January 2025

 

Orcadian Energy plc

("Orcadian" or the "Company")

Result of Annual General Meeting

Orcadian Energy (AIM:ORCA) is pleased to announce that at the Company's Annual
General Meeting held earlier today, all of the resolutions proposed in the
Notice of Meeting were duly passed.

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

 Resolution   Total Shares Voted  Shares               %               Abstain
                                  For         Against  For    Against
 1            47,737,036          47,735,095  1,941    99.99  0.01     -
 2            47,731,736          47,723,740  7,996    99.98  0.02     5,300
 3            47,731,736          47,723,740  7,996    99.98  0.02     5,300
 4            47,731,736          47,729,795  1,941    99.99  0.01     5,300
 5            47,731,736          47,729,795  1,941    99.99  0.01     5,300
 6 (Special)  47,731,736          47,711,720  20,016   99.96  0.04     5,300

 

 

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
 Dan Bate / Alex Campbell-Harris (Investment Banking)

 Simon Johnson (Corporate Broking)
 Novum (Joint Broker)                                  +44 207 399 9425
 Colin Rowbury / Jon Belliss
 Tavistock (PR)                                        + 44 20 7920 3150
 Nick Elwes / Simon Hudson                             orcadian@tavistock.co.uk (mailto:orcadian@tavistock.co.uk)

 

 

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
recent farm-down of Pilot, the project is now under the stewardship of Ping
Petroleum UK PLC ("Ping") and is intended to be 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 offered 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 operated by the Parkmead Group. The Fynn licence covers
blocks 14/15a, 14/20d and 15/11a.

The SNS licence, P2680, 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. The Marine
Low Carbon Power Company Ltd, an affiliate of IPC is intended to own the other
50% of P2680 and will carry Orcadian to first gas.

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