TIDMORCA
RNS Number : 7146Y
Orcadian Energy PLC
17 January 2022
17 January 2022
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Result of Annual General Meeting
Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas
development company, announces that at the Company's AGM held
earlier today that all of the resolutions proposed in the Notice of
Meeting were duly passed by a poll vote.
The total votes were cast on the poll vote were as follows:
Resolution Total Shares Shares % Abstain
Voted
For Against For Against
------------- ----------- -------- ------ -------- --------
1 44,345,109 44,342,656 2,453 99.99 0.01 0
------------- ----------- -------- ------ -------- --------
2 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
3 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
4 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
5 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
6 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
7 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
8 44,322,109 44,319,656 2,453 99.99 0.01 23,000
------------- ----------- -------- ------ -------- --------
9 44,345,109 44,318,239 26,870 99.94 0.06 0
------------- ----------- -------- ------ -------- --------
10 44,345,109 44,318,239 26,870 99.94 0.06 0
------------- ----------- -------- ------ -------- --------
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)
-------------------------
Shore Capital (Joint Broker) +44 20 7408 4090
-------------------------
Toby Gibbs / James O'Neill (Advisory)
-------------------------
Tavistock (PR) + 44 20 7920 3150
-------------------------
Nick Elwes / Simon Hudson orcadian@tavistock.co.uk
-------------------------
Charlesbye (PR) + 44 7403 050525
-------------------------
Lee Cain / Lucia Hodgson
-------------------------
About Orcadian Energy
Orcadian is a North Sea oil and gas operator with a difference.
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 deliver reliable organic 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 to provide
much of the energy used in the production process. Emissions per
barrel produced are expected to be about an eighth of the 2020
North Sea average and to lie in the lowest 5% of global oil
production.
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END
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