Orcadian Energy plc has issued 273,749 ordinary shares to settle £35,000 of the face value of the December 2025 loan amount. TVRs Following the conversion, a total of £317,500 in aggregate face value of CLNs remains outstanding. On admission, the company’s total voting rights will be 80,260,726 ordinary shares. Orcadian holds oil and gas licence interests in the […]
Tag: Ping Petroleum Ltd
Orcadian given three more years for Pilot field
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 […]
Orcadian misses deadline to repay Shell debt
Orcadian Energy plc has missed the deadline to pay the $1.43 million debt owed to Shell International Trading and Shipping Company Ltd (Stasco). FUNDS The company, which aimed to secure funds by 5 July, said on the same date that the expected money had not arrived from an as yet unnamed industry partner. A statement […]
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.