Orcadian Energy Plc · LSE:ORCA
Orcadian Energy — Corporate Update (December 2023)
18 slides from Orcadian Energy's corporate update, Dec 12, 2023
Slide 1: Investor Update December 2023
INVESTOR UPDATE December 2023 1
Slide 2: Important Information
IMPORTANT INFORMATION This presentation, and its enclosures and appendices (together this "presentation") have not been approved by an authorised person within the meaning of The Company’s shares have not been, and are not expected to be, registered under the US Securities Act or qualified for sale
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 ● Farm-out deal for the Pilot field signed with Ping 21/22a Titchwell Gu Petroleum UK plc 21/28b Blakeney Fyne Crinan Dandy N. Pilot Bowhead ● Pilot oilfield has a substantial audited reserve: 79 MMbbl 2P North Feugh Carra Dandy S.
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 ● Binding Sale and Purchase Agreement with conditions precedent signed with Ping Petroleum UK plc* ● On completion of the deal: ● 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, car
Slide 7: Ping Petroleum
Ping Petroleum Focused on shallow water offshore production and development opportunities in the North Sea and in Malaysia. Cook ● 50% owner, alongside Hibiscus Petroleum, of the Anasuria complex Gannet D which was acquired from Shell and Esso Pict Teal West Teal in 2015 Saxon Clapham Anasuria Ganne
Slide 8: Ping Petroleum
Ping Petroleum Focused on shallow water offshore production and development opportunities in the North Sea and in Malaysia. Cook ● 50% owner, alongside Hibiscus Petroleum, of the Anasuria complex Gannet D which was acquired from Shell and Esso Pict Teal West Teal in 2015 Saxon Clapham Anasuria Ganne
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 8
Slide 10: Pilot field potential production
Pilot field potential production ● Potential to significantly reduce fluid handling requirements on the ● Potential production profile from Pilot based on modified FPSO by injecting more viscous water than previously assumed development plan ● Creates opportunity to optimise development with a lower
Slide 11: 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 12: Prospective Resources
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 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: E&P Company with a low-cost producing asset (Ping)
o E&P COMPANY WITH A LOW-COST PRODUCING ASSET ping (OPEX:USD19/BOE) paar pod U PING is an independent E&P’ company which focused on shallow water offshore production and development opportunities in North Sea? and Malaysia — PING is a Bermuda incorporated company, 90% owned by a Malaysian listed com
Slide 17: Anasuria Cluster: material remaining potential
0 ANASURIA CLUSTER: ping MATERIAL REMAINING POTENTIAL petroleum Multiple low-risk / high return opportunities identified to drive production and cash flow growth ‘A member of DNOX Group . _ Anasuria Cluster resource base! (gross | Vast set of profitable opportunities | (gross) 120.0 Facility optimis
Slide 18: Excalibur FPSO: Ping's Sevan FPSO
EXCALIBUR FPSO: PING’S SEVAN FPSO o JING -Amenber of NSX eoup Excalibur FPSO The Excalibur (formerly Sevan Hummingbird) is the best fit-for-purpose, re-used FPSO for the Avalon development, having recently completed production operations on the Chestnut field. Both marine & topsides inspection has b