Jersey Oil & Gas plc (JOG) and NEO Energy have acquired the ‘Western Isles’ floating production, storage and offloading vessel to redevelop the Buchan field. PREPARATIONS In operation since early 2017, the processing facility is owned by operator Dana Petroleum (E&P) Ltd (76.9188%) and NEO (23.0812%). The vessel is scheduled to come off station from […]
Tag: Central North Sea
Orcadian agrees non-binding 81.25% farm-out for Pilot
Orcadian Energy plc has agreed a non-binding, 81.25% farm-out with an as yet unnamed North Sea operator for the potential development of the Pilot project. TERMS The company, which now holds £90,000 and six months to repay $1m million to Shell, has granted the operator an exclusive period until 30 November 2023 to complete the […]
Orcadian mulls sale of Pilot oil licence
Orcadian Energy plc could sell the Pilot oil licence with the company’s finances “severely constrained” and a £1m debt to Shell due at the end of August. DISCUSSIONS The company, which also still needs to raise new finance in the short term for working capital, held £97,000 at end of July 2023. “A number of […]
United extends sale date for Maria discovery
United Oil & Gas plc has extended the long stop date over the conditional sale of its licence P2519 containing the Maria oil discovery in the Central North Sea. SALES AGREEMENTS In January 2023, the company signed the £5.7 million asset purchase agreement (ASA), dependent on financing, with Quattro Energy Ltd for conditions to be […]
Orcadian looks to raise funds after losses increase
Orcadian Energy plc said it would need further funding after recording more than a five-fold increase in losses from its Central North Sea operations. FINANCES The company holds four licences, East and North East of Aberdeen, of which the Pilot field is the largest. Results for the year ended 30 June 2022 reflected investment in […]
Orcadian submits draft FDP and starts Pilot farm-out process
Orcadian Energy plc said it had submitted a draft field development plan to the North Sea Transition Authority (NSTA) and started a structured farm-out process for the Pilot oilfield, off the west coast of Aberdeen. PILOT The company also noted that the new Energy Profits Levy had “transformed economics of North Sea investment for tax-paying […]