TIDMORCA
RNS Number : 0616B
Orcadian Energy PLC
29 September 2022
29 September 2022
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Board Changes
Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and
gas development company, announces the following changes to the
Board.
Greg Harding has confirmed his intention to retire from the
Board of the Company at the end of the year. Greg was a founder of
Orcadian back in October 2013 when he and Steve Brown started
screening relinquishment reports for a North Sea project of scale.
After almost nine years with Orcadian, Greg is planning to retire.
The Board thanks Greg for his outstanding contribution to our
understanding of the very best way to develop the Pilot field, and
his unwavering support for our plans. Greg will cease to be a
director of the Company from the 31(st) December 2022 and the Board
all wish Greg the very best in his retirement.
Christian Wilms has advised the Board that given his increasing
executive responsibilities, it has become difficult for him to
dedicate the necessary time to his role as a non-executive at
Orcadian. As such, Christian has asked to leave the board; and he
will cease to be a director of the Company from the 31(st) October
2022. Christian joined the Orcadian board in 2019, just as he was
moving from Shell to MOL. He has been a great counsellor, both
technically and commercially, and his advice will be much missed.
We wish him all the best in his future career.
Following these changes, the Orcadian board will consist of four
directors: Joe Darby, Non-Executive Chairman, Tim Feather,
Independent Non-Executive Director, Steve Brown, Chief Executive
Officer and Alan Hume, Chief Financial Officer. The board is aware
of its responsibilities under the QCA Corporate Governance Code for
smaller companies to have two independent non-executive directors
on the board of the Company, and will look to appoint a new
independent board member in due course.
The board committees will be made up as follows:
Joe Darby Tim Feather Steve Brown Alan Hume
Audit Committee
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Remuneration Committee
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Compliance Committee
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Reserves Committee
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Risk Committee
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Steve Brown, Orcadian's CEO, said:
"I have worked with Greg in various companies and roles for the
last twenty-five years, and we have had many petroleum engineering
debates throughout that time. I'll miss that a lot. Greg has been
an outstanding reservoir engineer and director and I wish him a
long and enjoyable retirement.
"Christian joined Orcadian as he transitioned from Shell to MOL.
He has a great career in front of him and it was always possible
that, at this stage in his career, it would become too burdensome
to discharge his responsibilities as a non-executive director. We
wish him all the best in the future, and I will surely still call
on him for his counsel and advice."
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
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 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 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 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 through a pair of well head platforms and
provision of power from a floating wind turbine.
Emissions per barrel produced are expected to be about an eighth
of the 2020 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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