Orcadian Energy plc shareholders today approved the $3.1 million farm-out of its Pilot oil field to Ping Petroleum UK plc. The conditional transaction for central North Sea licence P2244 with the Malaysian company was signed in December 2023.
Tag: Orcadian Energy plc
Orcadian raises £500,000 via discounted subscription
Orcadian Energy plc has raised gross proceeds of £500,000 through issuing 3,571,429 new ordinary shares of the company at a price per new ordinary share of £0.14. The funds were raised as part of a direct subscription from the company’s existing investors. The subscription price represents a discount of approximately 15% to the closing mid-price […]
Orcadian signs $3.1m conditional farm-out for Pilot
Orcadian Energy plc has signed a conditional $3.1 million farm-out with Ping Petroleum Ltd for an 81.25% interest in the central North Sea Pilot oil field. TERMS The Malaysian-owned company will pay an initial $100,000 on receipt of licence P2244 subject to conditions of the sale and purchase agreement expected before the end of March […]
Orcadian secures more time for Pilot farm-out
Orcadian Energy plc has given its potential partner a further seven days to sign a definitive deal for the 81.25% farm-out of the Pilot oil licence. NSTA The original deadline of 30 November to complete the transaction for P2244 must be signed by 7 December or the company’s interest in the conditional two-year licence will […]
Orcadian granted conditional further two years for Pilot
Orcadian Energy plc has been granted a conditional two-year extension to the second term of production licence P2244 containing the Pilot oil field. FARM-OUT Based on Orcadian’s and the proposed operator’s intended work, the North Sea Transition Authority will change the licence’s expiry date from 30 November 2023 to 30 November 2025. The company last […]
Orcadian signs lock-in with shareholder for new investor
Orcadian Energy plc has signed a six-month lock-in agreement over 7,049,695 ordinary shares in the company to allow a third-party investment deal. NEW INVESTORS Former director Greg Harding and his wife Nora Harding agreed not to sell their 9.35% holding from 23 October for that period of time except in certain limited circumstances. Orcadian, which […]