Business
Concept Select Study for the Pilot Field
Concept Select Study for the Pilot Field.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1023U\n Orcadian Energy PLC\n 01 December 2021\n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n 1 December 2021\n \n \n \n \n \n Orcadian Energy plc\n \n \n (\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \n \n \n \n \n Concept Select Study for the Pilot Field\n \n \n \n \n \n Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas development company, is delighted to announce that it has received a \"Letter of no objection\" from the Oil and Gas Authority (\"OGA\") in respect of the development concept for the Pilot field. This letter signals the finalisation of the \"Assessment phase\" and the entry into the \"Authorisation phase\" of development planning for the Pilot Field. \n \n \n The letter acknowledges receipt of the Concept Select Report and subsequent Addendum (the \"Concept Select Documents\"), which were submitted in accordance with the OGA's Requirements for the planning of, and consent to, UKCS field developments guidance:\n \n \n \n https://www.ogauthority.co.uk/media/7803/fdp_guidance_111021.pdf\n \n . \n \n \n The development concept for the Pilot field is based upon the use of polymer flooding to maximise economic recovery, implemented using an FPSO, two wellhead platforms and over thirty production and injection wells. Energy requirements for the development are to be largely supplied by a floating wind turbine unit supplemented by associated gas. This is as detailed in the Company's Admission Document, and as amended by the submission of the CSR Addendum in July 2021, described in the announcement dated 15 July 2021.\n \n \n The letter states that, based on the information provided to date and the OGA's current understanding of that information, the OGA has no objection to Orcadian preparing a Field Development Plan (FDP) for the Pilot Field as described in the Concept Select Documents. \n \n \n The facilities concept delivers a well optimised process heat management scheme and includes a...