Business
Pilot Farm-out Update
Pilot Farm-out Update.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n\n \n \n\n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n1 December 2023\nOrcadian Energy plc\n(\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \nPilot Farm-out Update\n \nFurther to the announcements of 18 September 2023 and 25 October 2023 the Company provides the following update on its potential farm-out of its flagship asset the Pilot development project (Licence P2244):\n· The Company has today agreed with the potential operator (the \"Operator\") a seven day extension, from 30 November 2023 until 7 December 2023 (the \"New Deadline\") for the Operator to execute definitive documentation for an overall farm out deal.\n \n· Notwithstanding this, the Company has yesterday submitted to the North Sea Transition Authority (\"NSTA\") a request to:\n \na. consent to an assignment under, and in accordance with, clause 40(1) of the Licence to the Operator; and\n \nb. approval of appointment of the Operator as operator under, and in accordance with, clause 24 of the P2244 Licence.\n \nThe Company has attached to this application the currently agreed Sale and Purchase Agreement (\"SPA\"), on the understanding that a fully executed SPA will be filed before 7 December 2023. The Company is in conversations with NSTA to confirm that this approach will satisfy the extension conditions for P2244, set out in the announcement of 25 October 2023. However, if it does not, and in any event if an SPA is not signed by the New Deadline, then Orcadian will withdraw the NSTA request and, unless NSTA agree otherwise, Orcadian's interest in P2244 will automatically cease and determine on the 30 December 2023.\nThere can be no guarantee that the SPA with a potential operator will be signed by the New Deadline but the Directors have every confidence that it will be.\nFurther updates will be provided in due course.\nFor further information on the Company p...