Business
Completion of sale of 50% in HALO Offshore UK Ltd
Completion of sale of 50% in HALO Offshore UK Ltd.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n\n\n \n4 March 2025\n \nOrcadian Energy plc\n(\"Orcadian\" or the \"Company\")\nCompletion of sale of 50% in HALO Offshore UK Ltd\nOrcadian Energy (AIM:ORCA) is pleased to announce that, the company has now completed the sale of 50% of the ordinary shares of HALO Offshore UK Ltd (\"HALO\") to The Independent Power Corporation Plc (\"IPC\"). Peter Earl and Mark Preece have been appointed to join Steve Brown and Alan Hume on the board of HALO.\nAs announced on 13 December 2024, Orcadian and IPC intend to seek production acquisition opportunities for HALO with a preference for low-emissions, non-operated, gas producing licences.\nSince 2013 HALO has incurred around £50 million of pre-trading capital expenditures which we expect will generate, on commencement of a ring-fence trade, tax allowances in the region of £115 million when Ring Fence Expenditure Supplement is applied.\nIn addition, IPC has entered into a loan agreement with HALO for up to £539,000 so that HALO can evaluate and negotiate gas producing licence interests. HALO has reimbursed Orcadian for costs incurred on behalf of HALO and IPC. Orcadian has pledged its share of HALO as security for its 50% share of this loan.\nIPC has also agreed to provide, or procure the provision of, non-dilutive funding of at least £5 million; and has also agreed to provide, or procure the provision of, additional dedicated funding lines to finance acquisitions.\nFor further information on the Company please visit the Company's website: https://orcadian.energy\nContact:\n\n\n\n\nOrcadian Energy plc\n\n\n+ 44 20 7920 3150\n\n\n\n\nSteve Brown, CEO\nAlan Hume, CFO\n\n\n\n\n\n\n\nZeus (Nomad and Joint Broker)\n\n\n+44 20 3829 5000\n\n\n\n\nDan Bate / Alex Campbell-Harris (Investment Banking)\nSimon Johnson (Corporate Broking)\n\n\n\n\n\n\n\nNovum (Joint Broker)\n\n\n+44 207 399 9425\n\n\n\n\nColin Rowbury / Jon Belliss\n\n\n\n\n\n\n\nTavistock (PR)\n\n\n+ 44 20 7920 3150\n\n\n\n\nNick Elwes / Simon Hudson\n\n\[email protected]\n\n\n\n\n \nAbout Orcadian Energy\nOrcadian is a North Sea focused, low emissions, oil and gas exploration and development company. 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...