Orcadian Energy PLC PDMR Update (2451N)
September 21 2023 - 7:37AM
UK Regulatory
TIDMORCA
RNS Number : 2451N
Orcadian Energy PLC
21 September 2023
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
PDMR Update
The Company was notified today, that on 18 September 2023 Alan
Hume, a director of the Company:
-- transferred 320,000 Ordinary Shares in the Company into a
third party nominee, as his ISA provider, W B Nominees Limited, at
a price of 6p per Ordinary Share. He remains the ultimate benefical
holder of these shares; and
-- transferred 164,000 Ordinary shares to each of his children
for nil consideration, as a gift (a total of 492,000 Ordinary
Shares).
Accordingly, the total number of ordinary shares that Alan Hume
is interested in is 3,544,960 Ordinary Shares representing 4.9% per
cent of the issued share capital of the Company.
The notifications set out below are provided in accordance with
the requirements of the Market Abuse Regulation.
1 Details of the person discharging managerial responsibilities
---- ---------------------------------------------------------------------------------------------------
a) Name Alan Hume
---- ------------------------------------------------------------- ------------------------------------
2 Reason for the notification
---- ---------------------------------------------------------------------------------------------------
a) Position/status FD
---- ------------------------------------------------------------- ------------------------------------
b) Initial notification/amendment Initial notification
---- ------------------------------------------------------------- ------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
---- ---------------------------------------------------------------------------------------------------
a) Name Orcadian Energy plc
---- ------------------------------------------------------------- ------------------------------------
b) LEI 213800S2M4Z7VSJVN964
---- ------------------------------------------------------------- ------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
---- ---------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary shares of 0.5 pence each
Identification code
GB00BN0TY502
---- ------------------------------------------------------------- ------------------------------------
b) Nature of the transaction Transfer between connected accounts
---- ------------------------------------------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
6p 320,000
---- ------------------------------------------------------------- ------------------------------------
d) Aggregated information
- Aggregated volume 320,000
- Price 6p
------------------------------------------------------------------ ------------------------------------
e) Date of the transaction 18 September 2023
---- ------------------------------------------------------------- ------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
1 Details of the PCA
--- ------------------------------------------------------------------------------------------------
a) Name Alan Hume
--- ------------------------------------------------------------ ----------------------------------
2 Reason for the notification
--- ------------------------------------------------------------------------------------------------
a) Position/status FD
--- ------------------------------------------------------------ ----------------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------------------------------------ ----------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--- ------------------------------------------------------------------------------------------------
a) Name Orcadian Energy plc
--- ------------------------------------------------------------ ----------------------------------
b) LEI 213800S2M4Z7VSJVN964
--- ------------------------------------------------------------ ----------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--- ------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary shares of 0.5 pence each
Identification code
GB00BN0TY502
--- ------------------------------------------------------------ ----------------------------------
b) Nature of the transaction Gift to his children
--- ------------------------------------------------------------ ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
nil 492,000
--- ------------------------------------------------------------ ----------------------------------
d) Aggregated information
- Aggregated volume 492,000
- Price nil
--- ------------------------------------------------------------ ----------------------------------
e) Date of the transaction 18 September 2023
--- ------------------------------------------------------------ ----------------------------------
f) Place of the transaction London Stock Exchange (XLON)
--- ------------------------------------------------------------ ----------------------------------
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)
-------------------------
Tavistock (PR) + 44 20 7920 3150
-------------------------
Nick Elwes / Simon Hudson / Matthew orcadian@tavistock.co.uk
Taylor
-------------------------
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 energy to the
UK.
Orcadian Energy (CNS) Ltd, Orcadian's operating subsidiary, was
founded in 2014 and is the sole licensee of P2244, which contains
78.0 MMbbl of 2P Reserves in the Pilot discovery, and of P2482,
which contain a further 52.2 MMbbl of 2C Contingent Resources in
the Elke and Narwhal discoveries (as audited by Sproule, with both
numbers modified to take into account the TGS royalty, see the CPR
in the Company's Admission Document for more details). Within these
licences there are also 118 MMbbl of unrisked Prospective Resources
(modified for TGS royalty). These licences are in blocks 21/27a,
28/2a and 28/3a, and lie 150 kms due East of Aberdeen.
Pilot, which is the field with the largest reserves in
Orcadian's portfolio, was discovered by PetroFina 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 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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END
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