AIM_listed Orcadian Energy, the North Sea focused oil and gas development company, has announced its unaudited results for the six months ended 31 December 2024.
Highlights:
- Completed the acquisition of HALO Offshore UK Ltd ("HALO") and agreed the sale of a 50% interest in HALO to The Independent Power Corporation PLC ("IPC")
- Agreed the terms for a disposal of a 50% interest in licence P2680, which includes the Earlham project, to The Marine Low Carbon Power Company Ltd ("MLCP")
- Upon completion, all costs associated with the remaining 50% interest in Earlham to be carried by MLCP until first production from Earlham
- These agreements cement the important and consequential relationship the Company has developed with IPC and MLCP
Post period Highlights:
Completed the sale of a 50% interest in HALO to IPC and entered into a shareholders' agreement and a financing agreement
Activity Focus:
To identify and negotiate producing asset acquisition opportunities for HALO
To support Ping and MLCP in the development of Pilot and Earlham respectively
To pursue out-of-round licence applications for the former P2320 licence over Blakeney, Feugh and Thornham; and an extension of the P2634 licence to include the area of former licence P2516
Steve Brown, Orcadian's CEO, commented:
'The second half of 2024 has been an important period in the development of Orcadian. We have handed over responsibility for the Pilot project to Ping Petroleum and we are pleased with the progress they are making. We have developed a strong working relationship with the MLCP and IPC teams, and we believe that these relationships can deliver on the Government's Clean Power initiative as well as being extraordinarily fruitful for Orcadian.
'Having closed the acquisition of HALO in December we are delighted to have brought IPC in as a 50% partner in HALO which we intend to grow into a gas producing company just as quickly as we can. We believe that 2025 will see us well on the road to being a production company and graduating from our current pre-development status.'
Source: Orcadian Energy
