Business
33rd Round Licence Awards
33rd Round Licence Awards.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n\n\n15 August 2024\nOrcadian Energy plc\n(\"Orcadian\" or the \"Company\")\n33rd Round Licence Awards\nOrcadian Energy (AIM: ORCA) is pleased to provide an update on the status of its three licence awards in the 33rd Seaward Licensing Round. Orcadian and the NSTA have now entered into binding licence agreements for all three of its licence awards.\n33rd Round Licences:\n· Earlham Licence P2680 - Orcadian is licence administrator and holds 100% - containing an existing discovery, an exciting undrilled prospect and a redevelopment opportunity\n· Mid North Sea High Licence P2650 - Orcadian is licence administrator and holds 50% - containing shallow gas prospects and leads\n· Fynn Licence P2634 - Orcadian 50% interest - containing a very substantial viscous and heavy oil discovery\n \nSteve Brown CEO of Orcadian Energy said:\n\"We are really pleased to have the licence agreements in place for these three new projects. As a result, we estimate that our contingent resource base has grown to 228 MMboe with our un-risked prospective resource base now 100 MMboe.\n\"Our strategy has been to focus on the \"post-transition\" hydrocarbons - gas and viscous oil. \n\"In a shallow water mature basin, almost by definition, the big fields with great rocks and simple fluids have all already been developed, So, we concentrate on reservoirs with great rocks, while innovating around how to develop complex fluids.\n\"Our viscous oil projects will all benefit from our expertise in the application of polymer flood technology. A combination of geothermal heat and polymer could unlock the Fynn development which is a project of the same scale as Rosebank.\n\"On the Mid-North Sea High, we have identified a number of shallow gas prospects with the same characteristics as the A & B block gas fields that have been successfully developed in the Dutch sector. Of course, as the reservoirs are shallow the initial reservoir pressure is correspondingly lower, so development of these gas fields starts with a need for gas compression.\n\"The Earlham field has a high inert gas content, which has precluded development to date, but the reservoir is proven and no further appraisal expenditure is needed. We, with our industry partner, are confident we have a solution to deal with the high level of inerts and beyond th...