30th Mar 2022 20:31
Orcadian Energy PLC - North Sea focused oil and gas development company - Phase A of licence P2320 extended to May 14, 2023, while the initial term also extended to November 14 2024.
The company has completed a new interpretation of the recently reprocessed seismic data, showing that the development area oil-in-place for Pilot, and will increase by about 10% to 15%.
"The license extension enables us to implement a development plan for Pilot which will set a new standard for low emissions in the North Sea. The Feugh discovery, located on P2320, allows us to efficiently manage excess gas production; and we are grateful to the North Sea Transition Authority for their support, and agreement to our request for an extension to Phase 'A' of the P2320 licence," says Chief Executive Officer Steve Brown.
Current stock price: 37.38 pence
12-month change: down 7.7%
By Dayo Laniyan; [email protected]
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