Orcadian Energy PLC Receipt of Seismic Dataset (4662H)
August 04 2021 - 2:00AM
UK Regulatory
TIDMORCA
RNS Number : 4662H
Orcadian Energy PLC
04 August 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the
publication of this announcement via Regulatory Information Service
(RIS), this inside information is now considered to be in the
public domain.
4 August 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Receipt of Seismic Dataset and Engagement of Consultants
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas
development company, is pleased to announce that the Company has
licensed a 3D seismic dataset, covering the Company's Pilot and
Blakeney discoveries and the Bowhead prospect within block 21/27,
from TGS. The dataset received was shot during 2011 and 2012 and
was reprocessed to focus on the Tay discoveries and prospects
during 2018 and 2019.
The Directors believe that this newly reprocessed survey has the
potential to provide improved imaging of the Tay sands and that the
seismic attributes may provide valuable indications about potential
fluid fill of those sands.
The Company has engaged Axis, https://www.axis-wt.com , to
interpret the seismic survey and evaluate the Bowhead prospect on
the new dataset. This interpretation will enable the Company to
update both its estimate of recoverable prospective resources, and
the geological chance of success of the Bowhead prospect. This work
is expected to be completed during 4Q 2021.
The area covered by the seismic dataset can be viewed at this
link: https://bit.ly/Orca-seismic
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules and in particular,
the AIM Note for Mining and Oil and Gas Companies, Greg Harding has
reviewed and approved the technical information and resource
reporting contained in this announcement. Greg has more than 35
years' experience in the oil & gas industry. He holds a BEng in
Chemical Engineering from Imperial College and is a Chartered
Engineer, European Engineer, and a member of the Society of
Petroleum Engineers, the Energy Institute and the Institute of
Chemical Engineers. Greg is Technical Director of Orcadian
Energy.
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 Sole Broker) +44 20 7220 1666
-------------------------
Harry Ansell / Fraser Marshall (Corporate
Broking)
Katy Mitchell / James Sinclair-Ford / Lydia
Zychowska
(Nomad)
-------------------------
Tavistock (PR) + 44 20 7920 3150
-------------------------
Nick Elwes / Simon Hudson / Matthew Taylor orcadian@tavistock.co.uk
-------------------------
About Orcadian Energy
Orcadian Energy (CNS) Ltd ("CNS"), Orcadian's operating
subsidiary, was founded in 2014 and is the sole licensee of P2244,
which contains 78.8 MMbbl of 2P reserves in the Pilot discovery,
and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C
contingent resources in the Elke, Narwhal and Blakeney discoveries
(as audited by Sproule, see the CPR in the Company's Admission
Document for more details). Within these licences there are also
191 MMbbl of unrisked prospective resources. These licences are in
blocks 21/27, 21/28, 28/2 and 28/3, 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 largest oilfield 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 development plan for Pilot is based
upon a Floating Production Storage and Offloading vessel, with over
thirty wells to be drilled by a Jack-up rig through a pair of well
head platforms and will include a floating wind turbine. Emissions
per barrel produced are expected to be about one sixth of the
current North Sea average and to lie in the lowest 5% of global oil
production.
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