Orcadian Energy plc said it was no longer a “one-trick pony” after entering into binding agreements for all three licences awarded in the 33rd licensing round.
TECHNOLOGY
The company is administrator and 100% holder of the southern North Sea Earlham licence P2680 containing an existing discovery, an undrilled prospect and a redevelopment opportunity
Mid North Sea High licence P2650 is also administrated by Orcadian which owns 50% and contains shallow gas prospects and leads.
Orcadian holds a 50% interest in Fynn licence P2634 which has a “very substantial” viscous and heavy oil discovery.
Chief executive officer Steve Brown added that the company’s contingent resource base estimates had grown to 228 MMboe with un-risked prospective resource base now 100 MMboe.
“Our strategy has been to focus on the ‘post-transition’ hydrocarbons – gas and viscous oil.
“In a shallow water mature basin, almost by definition, the big fields with great rocks and simple fluids have all already been developed.
“So, we concentrate on reservoirs with great rocks, while innovating around how to develop complex fluids.
“Our viscous oil projects will all benefit from our expertise in the application of polymer flood technology.
“A combination of geothermal heat and polymer could unlock the Fynn development which is a project of the same scale as Rosebank.”