Orcadian Energy PLC Amendment to Facility Agreement (1230K)
August 23 2023 - 2:00AM
UK Regulatory
TIDMORCA
RNS Number : 1230K
Orcadian Energy PLC
23 August 2023
23 August 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Amendment to Facility Agreement
Orcadian Energy plc is pleased to advise that yesterday its
subsidiary, Orcadian Energy (CNS) Ltd ("Orcadian CNS"), executed an
agreement to amend the repayment date in its secured, facility
agreement with Shell International Trading and Shipping Company
Limited ("STASCO"). The full terms of this agreement are detailed
on page 257 of the Company's Admission Document. As previously
announced the STASCO loan of $1m (and associated interest) was due
to be repaid on 23 August 2023 (the "Loan"). The repayment date of
the Loan has now been extended to 13 September 2023.
The Company is continuing discussions with STASCO regarding
possible further extensions of the Loan, and further updates will
be made as appropriate.
The Company's current cash balance is GBP95k and the financial
position remains as outlined in the Company's latest announcement
dated 2 August 2023.
For further information on the Company please visit the
Company's website: https://orcadian.energy
Contact:
Orcadian Energy plc + 44 20 7920 3150
Steve Brown, CEO
Alan Hume, CFO
WH Ireland (Nomad and Joint 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
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 ("CNS"), 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, and 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. These licences are in blocks 21/27a, 28/2a and 28/3a,
and lie 150 kms due East of Aberdeen. The Company also has a 50%
working interest in P2516, which contains the Fynn discoveries.
P2516 is administered by the Parkmead Group and covers blocks
14/20g and 15/16g, which lie midway between the Piper and Claymore
fields, 180 kms due East of Wick.
Pilot, which is the field with the largest reserves in
Orcadian's portfolio, was discovered by Fina 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.
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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END
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