16th Dec 2022 12:14
(Alliance News) - Orcadian Energy PLC on Friday said annual loss multiplied, as it continues to search for a development partner for its Pilot project.
The North Sea focused oil and gas development company reported a pretax loss for the year ended June 30 of GBP1.6 million, multiplying from GBP376,000 a year ago. Orcadian is not yet revenue generating.
The company said administrative expenses for financial 2022 were GBP1.7 million, multiplying from GBP258,900, while listing costs had also increased to 316,900, multiplying from GBP76,500.
"The key challenges for the group remain our financial condition and the financing of the Pilot project," the company said.
Chief Executive Officer Steve Brown said: "The last year has seen a seismic shift in sentiment surrounding the oil and gas sector. Energy security is now rightly at the forefront of the agenda. We believe the pilot project has the potential to significantly contribute to this for the UK, whilst being a flagship project demonstrating how to reduce global emissions and make a contribution to a secure transition to net zero."
Orcadian said it continues to seek a development partner for its Pilot field project, which it said "can open the door for the development of very significant volumes of already discovered viscous oil." The company has received a "Letter of no objection" from North Sea Transition Authority regarding its low emission development concept for the Pilot project.
Orcadian shares were down 6.5% trading at 18.00 pence per share at midday on Friday.
By Harvey Dorset, Alliance News reporter
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