REG - Orcadian Energy PLC - Result of General Meeting & Annual General Meeting

Orcadian EnergyAnnouncement

17/01/2024 13:00

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RNS Number : 0366A  Orcadian Energy PLC  17 January 2024

 

 

 

 

 

17 January 2024

Orcadian Energy plc

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

 

Result of General Meeting and Annual General Meeting

Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and gas
development company, announces that at the Company's General Meeting and
Annual General Meeting 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 at the General Meeting were as
follows:

 Resolution  Total Shares Voted  Shares               %                Abstain
                                 For         Against  For     Against
 1           46,078,771          46,041,901  36,870   99.92%  0.08%    2,500

 

Accordingly, shareholders have now approved the sale of an 81.25% interest in
P2244, the Pilot field development project to Ping Petroleum UK plc, being a
key condition in the proposed disposal of this asset. The full details of this
conditional transaction are set out in the Company's announcement dated 7
December 2023.

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

 Resolution   Total Shares Voted  Shares               %                 Abstain
                                  For         Against  For      Against
 1            46,106,800          46,106,800  0        100.00%  0.00%    0
 2            46,106,800          46,074,372  32,428   99.93%   0.07%    0
 3            46,106,800          46,074,372  32,428   99.93%   0.07%    0
 4            46,106,800          46,074,372  32,428   99.93%   0.07%    0
 5            46,106,800          46,023,346  83,454   99.82%   0.18%    0
 6 (Special)  46,106,800          46,023,346  83,454   99.82%   0.18%    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 Broker)                        +44 20 7220 1666
 Katy Mitchell / Andrew de Andrade (Nomad)

 Harry Ansell / Fraser Marshall (Corporate Broking)

 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 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.

Orcadian has entered into a conditional sale and purchase agreement with Ping
Petroleum UK plc ("Ping") which details the terms under which Ping will
farm-in to the Pilot development project. Upon conclusion of this deal
Orcadian would have an 18.75% stake in the Pilot development with all
pre-first oil development costs paid by Ping.

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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