Orcadian Energy plc’s proposed sale and farm-out of interests in sub-areas of licence P2320 have terminated after the industry regulator refused a second extension. NSTA The company said that following extensive discussions, the North Sea Transition Authority (NSTA) had refused to extend Phase A of P2320, causing the licence to expire on 14 May 2023. […]
Tag: Orcadian Energy plc
Orcadian focuses on funding and farm-in for Pilot
Orcadian Energy plc said its main aim for 2023 was to find a partner and new investors to develop the Pilot oil field in the central North Sea. FINANCES In its unaudited results for H1 2022, the company added it planned to improve the technical and commercial definition of Pilot’s development as well as maximise […]
Orcadian raises £500,000 via discounted placing
Orcadian Energy plc raised £500,000 via a discounted placing of new ordinary shares tocertain institutional and other investors at 10 pence per share. DISCOUNT The placing on 1 February, conducted by way of an accelerated bookbuild process, was at a discount of approximately 33% to the closing price of 15 pence per ordinary share on […]
Orcadian agrees non-binding deal to sell Crinan-Dandy
Orcadian Energy plc has entered into a non-binding heads of agreement with Rapid Oil Production Ltd to sell its interests in the Crinan and Dandy discoveries. NON-CORE ASSETS Mobil discovered Crinan and Dandy in 1987 and 1990 respectively, before they were appraised by Monument in 1998. Crinan straddles the boundary between Orcadian’s block of 21/28a and […]
Orcadian looks to raise funds after losses increase
Orcadian Energy plc said it would need further funding after recording more than a five-fold increase in losses from its Central North Sea operations. FINANCES The company holds four licences, East and North East of Aberdeen, of which the Pilot field is the largest. Results for the year ended 30 June 2022 reflected investment in […]
Orcadian signs core services MoU for Pilot oil field
Orcadian Energy plc has signed a binding memorandum of understanding with SLB to deliver core services for the wells on the company’s Pilot oil project in the North Sea. TECHNOLOGIES The companies and chosen well operator Petrofac will plan a comprehensive project agreement with a strong focus on decarbonisation. Orcadian chief executive Steve Brown said […]