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 […]
Tag: Orcadian Energy plc
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 […]
Orcadian raises £350,000 via subscription
Orcadian Energy has raised gross £350,000 via issuing 2,916,666 new ordinary shares each of £0.12 of the company. The fundraise, part of a direct subscription with new investors, is at a discount of approximately 14% to the closing mid-price of an ordinary share in the company on 29 September 2023. Proceeds will go towards working […]
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 […]