TIDMORCA
Orcadian Energy PLC
19 January 2023
REACH
19 January 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
33(rd) Offshore Licensing Round
Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and
gas development company, is pleased to provide an update of its
applications in the 33(rd) Offshore Licensing Round ("the 33(rd)
Round") which closed last week. The North Sea Transition Authority
("NSTA") announced on 17(th) January 2023, that the 33(rd) Round
had garnered 115 bids across 258 blocks or part-blocks, with bids
having been received from 76 different companies.
As advised previously, Orcadian has participated in the 33(rd)
Round. The Company made three licence applications, two in
partnership with other companies and one on its own. It is
anticipated that Orcadian will hear as whether its licence
applications have been successful before the end of third quarter
2023 and a further announcement will be made at that time.
One of the applications builds upon Orcadian's viscous oil
experience whilst the other two applications are focused on gas
opportunities, including a potential gas-to-wire project on an
appraised discovery, with integrated carbon capture, which could
deliver baseload electricity with minimal emissions. Net to
Orcadian the P50 sales gas resource applied for, across the two gas
focused applications, could amount to 114 bcf in a discovery, 153
bcf in a near drill-ready prospect and 377 bcf in leads and less
mature prospects. These are management estimates of resources, are
based upon seismic and well log data, are as presented to the NSTA
in the Licence Applications, and are provided here for guidance
purposes only.
Steve Brown, Orcadian's CEO, commented:
" Licensing rounds are, by their nature, competitive processes,
but we have focused on opportunities where we believe we have a
competitive advantage. We look forward to the NSTA's evaluations of
our and our competitors' submissions."
For further information on the Company please visit the
Company's website: https://orcadian.energy
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, Maurice Bamford
has reviewed and approved the technical information and resource
reporting contained in this announcement. Maurice has more than 33
years' experience in the oil & gas industry and 3 years in
academia. He holds a BSc in Geology from Queens University Belfast
and a PhD in Geology from the National University of Ireland.
Maurice is a Fellow of the Geological Society, London, and a member
of the Petroleum Exploration Society of Great Britain. He is
Exploration and Geoscience Manager at 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.
Glossary
1P Proven reserves
2P Proven plus probable reserves
----------------------------------------------------
3P Proven, probable and possible reserves
----------------------------------------------------
bbls/day Barrels per day
----------------------------------------------------
bcf Billion cubic feet of gas at standard conditions
----------------------------------------------------
2C Mid case estimate of contingent resources
----------------------------------------------------
CPR Competent Person's Report
----------------------------------------------------
FPSO Floating Production, Storage and Offloading vessel
----------------------------------------------------
MMbbl Million barrels
----------------------------------------------------
P10 10% probability of being exceeded, determined using
probabilistic methods
----------------------------------------------------
P50 50% probability of being exceeded, determined using
probabilistic methods
----------------------------------------------------
P90 90% probability of being exceeded, determined using
probabilistic methods
----------------------------------------------------
PRMS Petroleum Resources Management System
----------------------------------------------------
SPE Society of Petroleum Engineers
----------------------------------------------------
UKCS United Kingdom Continental Shelf
----------------------------------------------------
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END
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