Business
Results for the half year ended 31 December 2022
Results for the half year ended 31 December 2022.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\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 \n \n \n \n \n \n 30 March 2023\n \n \n \n \n \n \n Orcadian Energy plc\n \n \n \n \n (\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Results for the half year ended 31 December 2022\n \n \n \n \n \n \n \n \n Orcadian Energy (AIM: ORCA), the low-emissions North Sea focused oil and gas development company, is pleased to announce its unaudited results for the six months ended 31 December 2022.\n \n \n \n \n \n \n Activity Focus:\n \n \n \n \n \n \n \n \n ·\n To improve the technical and commercial definition of the Pilot development project\n \n \n ·\n To seek partners and finance for the Pilot development project\n \n \n ·\n To maximise the value in our satellite discoveries and prospects\n \n \n ·\n To prepare applications for new opportunities in the 33rd Round, now submitted\n \n \n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n \n \n ·\n Secured a one-year extension to the P2244 licence, which includes the Pilot project\n \n \n ·\n Completed a revision of the technical resources on Pilot which resulted in a 18.4% upgrade to the P50 case (management estimates)\n \n \n ·\n Entered into a Memorandum of Understanding with SLB (formerly Schlumberger) for the exclusive provision of drilling and completion services and equipment for the Pilot project\n \n \n ·\n Progressed the reprocessing of the Catcher North seismic survey with TGS and started quantitative interpretation work\n \n \n ·\n Prepared 33rd Round applications (submitted 12 January 2023) which included a 114 bcf gas discovery and a 153 bcf near drill-ready prospect.\n \n \n ·\n Identified two new low-risk exploration prospects with P50 prospective resources of 120 MMbbl and 70 MMbbl (management estimates, after the reporting period)\n \n \n ·\n Since the end of the period under review, initial agreement reached with Rapid for the disposal of the Crinan and Dandy discoveries; and\n \n \n ·\n Raised £500k...