Orcadian Energy plc has been granted a three-year extension until 1 December 2028 to the second term of licence P2244, containing the Pilot field, in the UK central North Sea. POTENTIAL The company has an 18.75% carried interest in the licence, with Ping Petroleum UK plc holding 81.25% of the project. The Malyasian operator is […]
Tag: Pilot oil field
Orcadian given more time for Narwhal seismic
Orcadian Energy plc has secured more time to gather new 3D seismic data on the Narwhal field on licence P2482, east of Aberdeen in the central North Sea. HUB The phase B work on the licence, which also contains the Elke discovery, is now extended until 14 July 2027. Energy data firm TGS will shoot […]
Orcadian completes Pilot farm-out
Orcadian Energy plc has completed the 81.25% farm-out of central North Sea licence P2244, containing the Pilot oil field, to Malaysian operator Ping Petroleum UK plc. TECHNOLOGY Discovered in 1989, appraisal of Pilot showed “excellent quality reservoir and contains 263MMbbl of a viscous oil”. Orcadian said that Ping, focused on shallow water offshore production and […]
Orcadian agrees new date to repay $1m loan to Shell
Orcadian Energy plc has agreed an extension until 13 June 2024 to pay the US$1 million loan to Shell. AGREEMENTS The original repayment was 23 August 2023 which was twice extended to 13 March 2024. The company said that the new extension allowed time to process the $3.1m sale of a 81.25% interest in its […]
Orcadian shareholders back Pilot farm-out
Orcadian Energy plc shareholders today approved the $3.1 million farm-out of its Pilot oil field to Ping Petroleum UK plc. The conditional transaction for central North Sea licence P2244 with the Malaysian company was signed in December 2023.
Orcadian secures more time for Pilot farm-out
Orcadian Energy plc has given its potential partner a further seven days to sign a definitive deal for the 81.25% farm-out of the Pilot oil licence. NSTA The original deadline of 30 November to complete the transaction for P2244 must be signed by 7 December or the company’s interest in the conditional two-year licence will […]