TIDMORCA
RNS Number : 0366A
Orcadian Energy PLC
17 January 2024
17 January 2024
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Result of General Meeting and Annual General Meeting
Orcadian Energy (AIM: ORCA), the low-emissions North Sea oil and
gas development company, announces that at the Company's General
Meeting and Annual General Meeting 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 at the General
Meeting were as follows:
Resolution Total Shares Shares % Abstain
Voted
For Against For Against
-------------- ------------ --------- -------- --------- ---------
1 46,078,771 46,041,901 36,870 99.92% 0.08% 2,500
-------------- ------------ --------- -------- --------- ---------
Accordingly, shareholders have now approved the sale of an
81.25% interest in P2244, the Pilot field development project to
Ping Petroleum UK plc, being a key condition in the proposed
disposal of this asset. The full details of this conditional
transaction are set out in the Company's announcement dated 7
December 2023.
The total votes were cast on the poll vote at the Annual General
Meeting were as follows:
Resolution Total Shares Shares % Abstain
Voted
For Against For Against
-------------- ------------ --------- --------- --------- ---------
1 46,106,800 46,106,800 0 100.00% 0.00% 0
-------------- ------------ --------- --------- --------- ---------
2 46,106,800 46,074,372 32,428 99.93% 0.07% 0
-------------- ------------ --------- --------- --------- ---------
3 46,106,800 46,074,372 32,428 99.93% 0.07% 0
-------------- ------------ --------- --------- --------- ---------
4 46,106,800 46,074,372 32,428 99.93% 0.07% 0
-------------- ------------ --------- --------- --------- ---------
5 46,106,800 46,023,346 83,454 99.82% 0.18% 0
-------------- ------------ --------- --------- --------- ---------
6 (Special) 46,106,800 46,023,346 83,454 99.82% 0.18% 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 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
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.
Orcadian has entered into a conditional sale and purchase
agreement with Ping Petroleum UK plc ("Ping") which details the
terms under which Ping will farm-in to the Pilot development
project. Upon conclusion of this deal Orcadian would have an 18.75%
stake in the Pilot development with all pre-first oil development
costs paid by Ping.
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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