Orcadian Energy Plc · LSE:ORCA
Orcadian Energy — Investor Presentation (September 2023)
16 slides from Orcadian Energy's investor presentation, Sep 20, 2023
Slide 1: Investor Update September 2023
INVESTOR UPDATE September 2023 1
Slide 2: Disclaimer
Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Company have not since changed, and the Company does not intend, and does not assume any Orcadian Energy plc (the “Company”) exclusively for information purposes. This presentation has not oblig
Slide 3: Summary – Objectives and Strategy
Summary – Objectives and Strategy Objective to deliver a high return for r investors t o e s v ● Fully finance the polymer flood project for Pilot, in n multi-strand approach: u s i o i o a t v n t ● Seek farm-in partners and project investors re e p es ● Structure a contractor alliance to deliver t
Slide 4: Orcadian North Sea licences and summary
Orcadian North Sea licences and summary Pict Saxon C Sheryl Thornham ● Exclusivity granted to a North Sea Operator to close a 21/22a Titchwell Gu deal that would finance the Pilot project 21/28b Blakeney Fyne Crinan Dandy N. Pilot Bowhead ● Pilot oilfield has a substantial audited reserve: 79 MMbbl
Slide 5: Pilot Field summary
Pilot Field summary Pilot Parameter Units ● Pilot Main discovered by Fina in Oil water contact 2724 feet 1989, fields appraised by 5 wells, plus 2 sidetracks/horizontals, Pilot Oil column >100 feet South discovered in 1990; two 3D Gross sand thickness 50-60 feet surveys Net to gross ratio 0.95 fract
Slide 6: Pilot farm-in deal summary
Pilot farm-in deal summary ● Key terms of a deal to bring Pilot field into production agreed with a North Sea operator* ● If the deal completes: ● Orcadian will have an 18.75% carried interest to first oil, and will retain 14.6 MMbbl of 2P reserves in Pilot, fully carried to first oil ● Operator has
Slide 7: Pilot field phased development plan, subsea wells with platform wells in second phase
Pilot field phased development plan, subsea wells with platform wells in second phase ● Five subsea wells before 1st oil Illustration of how the project may be phased to minimise upfront costs 7
Slide 8: Pilot field phased development plan, subsea wells with platform wells in second phase
Pilot field phased development plan, subsea wells with platform wells in second phase ● Five subsea wells before 1st oil ● Five further subsea wells after 1st oil Illustration of how the project may be phased to minimise upfront costs 7
Slide 9: Pilot field phased development plan, subsea wells with platform wells in second phase
Pilot field phased development plan, subsea wells with platform wells in second phase ● Five subsea wells before 1st oil ● Five further subsea wells after 1st oil ● Twenty-two platform wells to complete development Illustration of how the project may be phased to minimise upfront costs 7
Slide 10: New oil developments can have dramatically lower emissions than mature fields
New oil developments can have dramatically lower emissions than mature fields ● Data collected by the North Sea Transition Authority for emissions intensity, CO2, CH4, SOx and NOx in CO2eq terms, per barrel of oil equivalent produced in 2021 ● This dataset demonstrates how emissions intensity increa
Slide 11: Pilot field potential production and cash flow profiles
Pilot field potential production and cash flow profiles ● Potential production profile from Pilot based on modified ● Quarterly cash flow profile development plan ● Based upon preliminary costs of the revised development ● Revised drilling schedule and facility capacities plan Production pro le deri
Slide 12: Prospective Resources: Elke, Narwhal & Prospective satellites
Elke, Narwhal & Prospective satellites P50 2U Pool GCoS rEEI resource Narwhal 9 100% 2C Elke 2C 44 100% 3C Elke 3C polygon 23 ~90% Elke Updip 18 87% Prospective Resources Elke Area 2 12 64% Elke North 11 66% Elke Area 3 14 64% Main Elke Channel 7 64% Spinner 4 38% Elke 2C Channel Complex 2 3 10% Elk
Slide 13: Prospective Resources: Elke, Narwhal & Prospective satellites
Elke, Narwhal & Prospective satellites Channel 2C/2U P50 2U Pool GCoS rEEI Complex 2 Spinner resource Narwhal 9 100% 2C Elke 2C 44 100% Area 2 3C Elke 3C polygon 23 ~90% North Elke Updip 18 87% e l n n a Prospective Resources Elke Area 2 12 64% Ch ai n Elke North 66% Area 3 M 11 ✘ Elke Area 3 14 64%
Slide 14: 33rd Round
33rd Round 16°W 14°W 12°W 10°W 8°W 6°W 4°W 2°W 0° 2°E 4°E ● NSTA announced 115 bids across 258 blocks or part-blocks, 60°N bids come in from 76 different companies 16°W ● Orcadian has participated in the 33rd Round making three licence applications, two in partnership with other companies 58°N and o
Slide 15: Orcadian Energy Plc
Auditor: PKF Littlejohn Nomad & Broker: WH Ireland Banker: Barclays 15 Westferry Circus 24 Martin Lane, Level 25, 1 Churchill Place, London E14 4HD London EC4R 0DR London, E14 5HP Lawyer: Hill Dickinson Lawyer: TandonHildebrand Registrar: Neville The Broadgate Tower, 20 Primrose Street Labs Atrium,
Slide 16: Orcadian Team & History
Orcadian Team & History Joe Darby Tim Feather ● Founded in 2014 and awarded the Pilot licence, built Non-Executive Non-Executive portfolio of licences and started the concept select pinnaker Opportunities Plc Chairman Director process for Pilot in 2019 A cash shell listed on London Stock Exchange, S
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