Orcadian Energy PLC Result of Annual General Meeting (0149N)
January 17 2023 - 8:05AM
UK Regulatory
TIDMORCA
RNS Number : 0149N
Orcadian Energy PLC
17 January 2023
17 January 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Result of Annual General Meeting
Orcadian Energy (AIM: ORCA), the low-emissions North Sea 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 36,571,872 36,571,872 0 100 0 0
------------- ----------- -------- ------ -------- ----------
2 36,571,872 36,571,872 0 100 0 0
------------- ----------- -------- ------ -------- ----------
3 36,571,872 36,571,872 0 100 0 0
------------- ----------- -------- ------ -------- ----------
4 36,571,872 36,571,872 0 100 0 0
------------- ----------- -------- ------ -------- ----------
5 36,571,872 36,571,872 0 100 0 0
------------- ----------- -------- ------ -------- ----------
6 36,571,872 36,569,725 2,147 99.99 0.01 0
------------- ----------- -------- ------ -------- ----------
7 34,136,872 34,134,725 2,147 99.99 0.01 2,435,000
------------- ----------- -------- ------ -------- ----------
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
-------------------------
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 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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