Business
Seismic acquisition and licensing agreement
Seismic acquisition and licensing agreement.
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 15 June 2022\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 \n \n \n \n \n Seismic acquisition and licensing agreement\n \n \n \n \n \n \n Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce a seismic licensing deal with the energy data company TGS. The agreement will provide Orcadian with high quality seismic data, revealing the reservoir structures and even the likely fluid type. The deal with TGS ensures that Orcadian will be able to use the best data available to evaluate the multitude of development opportunities and prospects within its North Sea portfolio.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n · \n Orcadian will gain access to 2,070 sq km of newly reprocessed and interpreted, high quality 3D seismic data covering the bulk of its licences and enabling evaluation of nearby open acreage in the upcoming 33rd round;\n \n \n · \n Near term costs have been deferred and future payments to TGS will largely derive from a 1% royalty on production;\n \n \n · \n TGS will, subject to Pilot FDP approval, acquire 100 sq km of new seismic over the important Elke and Narwhal discoveries;\n \n \n · \n The North Sea Transistion Authority (\"NSTA\") has confirmed that acquisition of this data will satisfy the Phase B work commitment on P2482, Orcadian has requested that NSTA allows P2482 to continue into Phase B.\n \n \n \n \n \n Orcadian has 79MMbbls of 2P reserves in the Pilot field, 78MMbbls of 2C Resources in Elke, Narwhal and Blakeney discoveries, and 191MMbbls of Prospective Resources across its Western Platform licences. Orcadian's understanding of Pilot and Blakeney has already been much improved from interpretation of the data already licensed from TGS. This deal will enable Orcadian to improve its understanding ...