Business
UKCS License P2320
UKCS License P2320.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4708G\n Orcadian Energy PLC\n 30 March 2022\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 \n \n \n \n 30 March 2022\n \n \n Orcadian Energy plc\n \n \n (\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \n \n \n \n \n \n \n \n UKCS License P2320 - Phase 'A' extension and Resource Update\n \n \n \n \n \n Orcadian Energy (AIM:ORCA), the North Sea focused, low emissions, oil and gas development company, is pleased to announce an extension to Phase 'A' of Licence P2320 and a resource update. \n \n \n \n Highlights:\n \n \n \n · \n Phase 'A' of Licence P2320 extended to 14th May 2023 with the Initial Term also being extended to 14th November 2024\n \n \n · \n Company has completed a new interpretation of the recently reprocessed seismic data, licensed from TGS in July 2021\n \n \n · \n Company estimates that the development area oil-in-place, for Pilot, will increase by about 10% to 15%, compared to the previously estimated and audited volume\n \n \n · \n Directors believe that the increase in development area oil-in-place will likely result \n in an upgrade to recoverable reserves\n - when the Company's reserves are next audited\n \n \n · \n Bowhead prospect remains a very exciting opportunity and management now estimates the Geological Chance of Success has increased to 65%\n \n \n · \n Company intends to update its CPR this year \n \n \n \n Steve Brown, Orcadian's CEO, said: \n \n \n \"We are delighted to have received this extension from the North Sea Transition Authority (previously known as the OGA), which brings the date by which we are required to commit to drill a well on P2320 into line with our Pilot project FDP approval plans.\n \n \n \n \n \n \"The license extension enables us to implement a development plan for Pilot which will set a new standard for low emissions in the North Sea. The Feugh discovery, located on P2320, allows us to efficiently manage excess gas production; and...