Results for the year ended 30 June 2025

31 December 2025

Orcadian Energy plc

("Orcadian" or the "Company")

Results for the year ended 30 June 2025

Orcadian Energy plc (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce its audited results for the twelve months ended 30 June 2025.

Highlights:

The start of the financial year was marked by significant changes in the UK's political and regulatory landscape. Four days into the period, the election of a new government introduced policies that had a material impact on the oil and gas sector. These included an increase and extension of the Energy Profits Levy (EPL), the removal of investment incentives, and a pause in licensing activity. Collectively, these measures created a challenging environment for the industry throughout the year.

So, progress in 2024-25 has been slower than we would have liked. Nevertheless: there were highlights:

· P2244 and P2482 licence extensions to November 2028 and July 2027 respectively. These two licences are the core of our viscous oil business, and we appreciate the North Sea Transition Authority's (NSTA) support.

· Understanding of the scope of our Earlham project: Earlham is intended to supply unprocessed gas to an offshore power station, and accept carbon dioxide for pressure support and storage. The Earlham project is intended (subject to NSTA approval) to consist of a wellhead platform, two production wells and one injection well in a high-quality Leman sandstone with no requirement for hydraulic stimulation.

· Earlham power to be exported to data centre customers: The generated power is planned to be exported to data centres located on the M25 corridor, where demand for clean, dispatchable electricity has risen beyond the grid's current capacity.

After the reporting period:

· Completion of dynamic modelling on Pilot by the new Operator Ping, which delivered resource estimates and production profiles in line with Orcadian's previous work.

· Revelation of a new approach to development of the light oil Lowlander reservoir which we intend to discuss with our Operator Serica and nearby infrastructure owners in 2026.

· A small, company arranged, fund raising through the issue of convertible loan notes, with supportive and committed investors, to ensure the Company has sufficient working capital.

And most important of all, for the whole industry:

· Clarity on the terms for the replacement for the EPL which mean that the new windfall tax is both fair and genuine. Fiscal risk on the UKCS is now massively diminished.

While the pause in licensing activity represents a challenge for the sector, Orcadian Energy remains well-positioned with a strong portfolio of assets. The Company holds five licences, including three appraised development projects (Pilot, Earlham, and Lowlander), two appraisal targets (Elke and Fynn Beauly), and three gas exploration prospects (Clover, Glenlough, and Breckagh). In addition, there is potential for the redevelopment of the Orwell field.

Our priority is to maximise value for shareholders from these licences. The Board is committed to delivering this objective under all market conditions.

The full financial statements are available at this link: https://orcadian.energy/investors/results-reports/

Report and Accounts and Annual General Meeting

A copy of the annual report and accounts for the year ended 30 June 2025 will be available on the Company's website (https://orcadian.energy) with effect from today. The Company will be posting its annual report and accounts to its shareholders.

The AGM will be held during January and will be the subject of a further announcement.

For further information on the Company please visit the Company's website: https://orcadian.energy

Contact:

About Orcadian Energy

Orcadian is a North Sea focused, low emissions, oil and gas exploration and development company. Orcadian may be a small operator, but it is also nimble, and the Directors believe it has grasped opportunities that have eluded some of the much bigger companies. As we strike a balance between Net Zero and a sustainable energy supply, Orcadian intends to play its part to minimise the cost of Net Zero and to deliver reliable energy to the UK.

Qualified Person's Statement

Pursuant to the requirements of the AIM Rules and in particular, the AIM Note for Mining and Oil and Gas Companies, Maurice Bamford has reviewed and approved the technical information and resource reporting contained in this announcement.

Maurice has more than 35 years' experience in the oil & gas industry and 3 years in academia. He holds a BSc in Geology from Queens University Belfast and a PhD in Geology from the National University of Ireland. Maurice is a Fellow of the Geological Society, London, and a member of the Geoscience Energy Society of Great Britain. He is Exploration and Geoscience Manager at Orcadian Energy.

Chairman and CEO's Statement

The fortunes of Orcadian are tied to the fortunes of the UK's oil and gas business. We have all worked other basins in the past, but there is none we know as well as the UK; and whilst the Siren song of overseas diversification is sweet, we know this basin, we know the regulatory framework and the regulators, and we know the potential counter-parties, having learned our trade with their principals since we were all in short trousers.

UK Oil and Gas Sector

Oil and gas is too important to the UK to be allowed to fester, whether transition is the order of the day or a new government exhorts us to "drill, baby drill". So, while progress is slower than we would like, and we are very impatient, progress there is and progress there will be.

At her budget speech in November 2025, Reeves did not mention oil and gas once, but the Treasury published the results of the consultation on the replacement for the iniquitous Energy Profits Levy ("EPL"). Always one for a snappy acronym, Treasury has dubbed the replacement windfall tax the Oil and Gas Price Mechanism ("OGPM"). We will call it the new windfall tax.

The new windfall tax is an elegant solution for the fiscal mess that our political masters have confected for us. Between Hunt and Reeves, the EPL was transformed from a short-term windfall tax into a confusing, unfair, and burdensome levy that has threatened the entire existence of the North Sea oil and gas industry. Having assisted in that process, Treasury has designed an elegant exit that will incentivise near term investment in projects, and provide fiscal clarity on the future tax regime while preserving a genuine and fair windfall tax.

You would not think that if you read the newspapers, rather than the Treasury's consultation response, but 'tis the case.

Starting with the future fiscal environment. From 2Q 2030 the EPL is no more, it is replaced by the OGPM and any allowances that might offset EPL have no value past that date, but the 38% levy on top of the "permanent tax regime" is gone. The "permanent tax regime" is the combination of a 30% corporation tax and a 10% supplementary charge; this regime has never been stable but we are all accustomed to it and everyone in the industry understands how it works, Unlike the renewable power industry, the oil and gas industry expects to pay higher taxes and is unaccustomed to guaranteed prices and other government subsidies.

The replacement tax only applies to revenue in excess of a threshold price for the product. The thresholds are close to the actual real historic average prices for our products: $90/bbl for oil and 90p/therm for gas. The OGPM is a 35% revenue tax that only applies to the price over the threshold so if the price for oil is $120/bbl producers pay 35% of $30/bbl, as opposed to 38% of $120/bbl in today's system.

This makes sense, bankers and boards take decisions to develop new fields with conservative assumptions about oil and gas prices. The existing and poorly named Energy Security Investment Mechanism guarantees that investment decision makers combine low product prices with a greedy fiscal take. So, the industry has been paralyzed, temper tantrums ensue and despair grips the industry.

We can all wake up, the nightmare is over, it is time to get to work on planning projects, and with the rules established, work out how to make the best of the situation we find ourselves in.

For companies that are currently producing, and paying EPL, the message is clear - start projects and spend money between now and the end of EPL. Every pound spent on development and exploration projects reduces those companies' tax bill by 38% without an offsetting uplift to their tax bills when those projects start production.

Producers have the opportunity to execute projects for nearly 40% off, if they sanction them now. That message hasn't got through to all the players just yet, but it soon will.

We are very upbeat about the prospects for a renewed wave of North Sea investment. Orcadian's strategy has always been to build a portfolio of carried interests in projects that can deliver a legacy for our investors and shareholders and while we are disappointed that new licences are limited to the Transitional Energy Certificates, which we believe will enable access to the Feugh discovery in support of Pilot, we would not be surprised if a future government reversed this policy as quickly as the New Zealand government has done.

Orcadian has five licences with three appraised development projects (Pilot, Earlham and Lowlander), two appraisal targets (Elke and Fynn Beauly), three gas exploration prospects (Clover, Glenlough and Breckagh) and the potential redevelopment of Orwell. From the industry's perspective the hiatus in licence awards chokes off the supply of new project opportunities. From Orcadian's perspective, we have multiple opportunities for investment at a time when the producing companies paying EPL need good investment opportunities and have limited means to access new opportunities from the NSTA.

In our view the current limitation on new licences is a two-edged sword, a constraint for the industry but an opportunity for Orcadian to benefit from the work we did to maintain and grow our licence portfolio since listing.

Business Outlook

Ping continues to progress Pilot and we are working to support them as they build their in-house static and dynamic models of how Pilot will perform under a polymer flood. Our viscous oil business includes our 18.75% carried interest in Pilot, our 100% interest in the Elke and Narwhal discoveries, and our 50% interest in the Fynn Beauly and Lowlander discoveries. Pilot is the trail blazing project which can demonstrate how best to recover viscous oil, over a range of gravities, from under the tempestuous North Sea.

We don't ignore light oil either, Lowlander is a well appraised discovery with good potential but a very high hydrogen sulphide content. We have conceived a different approach to development of this resource, and we will aim to engage the industry on the potential of this project during 2026.

The focus during 2024-2025 has been on our gas assets, the most advanced of which is the Earlham gas development. Earlham is a great example of our overarching strategy to focus on great rocks and innovate around tricky fluids. The reservoir in Earlham is top-notch. It was never buried to the depth a lot of the low permeability gas fields in the Southern North Sea basin were. Permeability is about 250 millidarcies, great for a gas field. The reason this field was abandoned by BP and other operators was the gas. It is 49% carbon dioxide, so it needs innovation to make it work.

In our likely partners, The Independent Power Corporation plc ("IPC") and The Marine Low Carbon Power Company Limited ("MLCP"), we have found commercial and technical innovation in spades. The scope of the upstream project is now defined. The Earlham project partners will construct a wellhead tower with a metering skid and sell unprocessed gas to the offshore power station; the power station will return almost all the carbon atoms that came out of Earlham (either in the form of carbon dioxide, or as methane, then combusted and captured) at injection pressure to maintain reservoir pressure in Earlham.

Electrical power will be exported South, past the bottleneck in the East Anglian grid, to an identified landfall that will connect into the grid and support data centres under construction around the M25. The data centres will be able to purchase reliable low-carbon electricity, a rarity.

The project is material, but our portion is straightforward and well defined. We continue to work on defining a farm-in arrangement or corporate joint venture arrangement to enable the development of Earlham and the redevelopment of Orwell, and once the terms are pinned down we will make an announcement. This project, which requires no government subsidies, is essential to the fortunes of these planned datacentres so we believe the project will happen.

We believe the UK North Sea is on the verge of a resurgence and that Orcadian is well positioned to make the best of it. The company has multiple options to progress, and shareholders can be confident that management will choose the path that maximizes opportunities for value crystallization and minimises shareholder dilution.

Financial Results

The Group incurred a loss for the year to 30 June 2025 of £884,906 (30 June 2024 - loss of £938,471).

The loss mainly arose from salaries, consulting and professional fees along with general administration expenses and new business development.

Cash generated from operations totalled £86,936 (30 June 2024 - cash used in operations of (£489,787)). As at 30 June 2025, the Group had a cash balance of £77,244 (30 June 2024 - £214,977). At the date of this announcement, the Group's cash balance was £326,862

Oil Price Outlook

Last year we wrote this paragraph about oil prices: "Given the results of the US Presidential election and President Trump's commitment to lower energy prices, we can expect that geology, not politics, will be the constraint on US production which underpins the world's ability to supply energy. Predicting oil and gas prices is futile, they will either go up or down and most likely will go up and down. However, we can be confident that the International Energy Agency ("IEA") will be surprised by the strength of demand and OPEC will be surprised by the strength of supply, averaging these two organisations' projections is not a bad way to divine the future." Please read it again, currently we are in a phase where expectations are that oil and gas will be in abundance so the narrative is that oil prices will be low. It won't last.

Joseph Darby, Chairman, and Stephen Brown, CEO

30 December 2025

INDEPENDENT AUDITOR'S REPORT TO THE DIRECTOR'S OF ORCADIAN ENERGY PLC

Opinion

We have audited the financial statements of Orcadian Energy plc (the 'Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated and Company Statements of Changes in Equity, the Consolidated and Company Statements of Cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as regards the Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

In our opinion:

· the financial statements give a true and fair view of the state of the Group's and of the Company's affairs as at 30 June 2025 and of the Group's loss for the year then ended;

· the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards;

· the Company financial statements have been properly prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006; and

· the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.4 in the financial statements, which indicates that the Group and Company are reliant on raising finance within the 12 months following the date of approval of these financial statements in order to meet obligations as they fall due and continue to fund further exploration expenditure over this period. As stated in note 2.4, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Group and Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group and Company's ability to continue to adopt the going concern basis of accounting included:

· Reviewing the accuracy of historical forecasts by comparison to the actual results in the year to assess the accuracy of management's forecasting process;

· Obtaining management's going concern assessment for the period to 31 December 2026. Corroborating and challenging the key inputs and assumptions in the underlying cashflow forecasts prepared by management;

· Verifying actual cash position as at 30 November 2025 to the forecast position; and

· Discussing strategies regarding future availability of funding and assessing the likelihood of the required funds being successfully raised by considering the funds required and the Group's and Company's ability to raise such funds. This has included obtaining and reviewing key terms of agreements entered into after the year end.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Our application of materiality

The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. We also determine a level of performance materiality which we use to assess the extent of testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole. In determining our overall audit strategy, we assessed the level of uncorrected misstatements that would be material for the financial statements as a whole.

Materiality for the consolidated financial statements was set at £42,700 (2024: £79,000) based upon 3% of net assets (2024: 3% net assets). Given the stage of development of the Group, at present the capitalised exploration costs and borrowings of the Group are considered to be the area of most interest to users of the financial statements. Performance materiality and the triviality threshold for the consolidated financial statements were set at £29,800 (2024: £55,300) and £2,135 (2024: £3,950), respectively, a level considered appropriate given our accumulated knowledge of the Group and the assessed level of risk.

Materiality for the Company was based on gross assets (2024: gross assets), capped to a level below Group materiality of £40,400 (2024: £78,000). Gross assets is considered to be an appropriate basis due to the fact that the most significant balance within the Company is the investment in the subsidiary, and the assets within this subsidiary will determine the future success of the Group. Performance materiality and the triviality threshold for the Company were set at £28,300 (2024: £54,600) and £2,100 (2024: £3,900), respectively, a level considered appropriate given our accumulated knowledge in respect of the Group and the assessed level of risk.

Component performance materiality applied to the subsidiary undertaking was set at £28,300 (2024: £54,600), being 95% of Group performance materiality on the basis of net asset contribution (2024: net assets). Triviality threshold was set at £2,100 (2024: £3,900).

We also agreed to report any other differences below that threshold that we believe warranted reporting on qualitative grounds.

Our approach to the audit

In designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular we looked at areas involving significant accounting estimates and judgements by the directors and considered future events that are inherently uncertain, such as the recoverable value of the capitalised exploration expenditure within the Group and the recoverable value of the Company's investment in the subsidiary. We also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

A full scope audit was performed on the complete financial information of the Company and its 100% owned subsidiary by us as Group auditor.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty related to going concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the Group and Company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

· the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

· the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

· adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or

· the Company financial statements are not in agreement with the accounting records and returns; or

· certain disclosures of directors' remuneration specified by law are not made; or

· we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of directors' responsibilities, the directors are responsible for the preparation of the Group and Company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the Group and Company financial statements, the directors are responsible for assessing the Group and the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· We obtained an understanding of the Company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.

· We determined the principal laws and regulations relevant to the Company in this regard to be those arising from UK Company Law, the AIM Rules and UK-adopted international accounting standards.

· We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the Company with those laws and regulations. These procedures included, but were not limited to:

o  Discussion with management regarding compliance with laws and regulations by the Company and its subsidiary;

o  Reviewing board minutes;

o  A review of legal expenses incurred in the year; and

o  Review of regulatory news announcements during the year.

· We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that that the recoverable value of the capitalised exploration expenditure and the investment in subsidiaries were areas susceptible to fraud and we addressed this by challenging the assumptions and judgements made by management when auditing these balances as disclosed in the Key Audit Matters section above.

· As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Imogen Massey (Senior Statutory Auditor) 15 Westferry Circus

For and on behalf of PKF Littlejohn LLP Canary Wharf

Statutory Auditor London E14 4HD

30 December 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

FOR THE YEAR ENDED 30 JUNE 2025

All operations are continuing.

The notes on pages 48 to 72 form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025 (company number 13298968)

The consolidated Financial Statements of Orcadian Energy PLC were approved by the Board of Directors and authorised for issue on 30 December 2025.

Signed on behalf of the Board of Directors by:

Alan Hume

Director

The notes on pages 48 to 72 form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/.

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

Orcadian Energy PLC, company number 13298968, has used the exemption granted under s408 of the Companies Act 2006 that allows for the non-disclosure of the Income Statement of the parent company. The after-tax loss attributable to Orcadian Energy PLC for the year to 30 June 2025 was (£11,388) which is attributable to bank interest income and share of losses in joint venture (2024: profit £3,818), as all costs within the group are borne by the subsidiary.

The Financial Statements were approved by the Board of Directors and authorised for issue on 30 December 2025.

Signed on behalf of the Board of Directors by:

Alan Hume

Director

The notes on pages 48 to 72 form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

Refer to note 19 for a description of the nature and purpose of each reserve within equity.

The notes on pages 48 to 72 form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

Refer to note 19 for a description of the nature and purpose of each reserve within equity.

The notes on pages 48 to 72 form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

There were no significant non-cash transactions in the year to 30 June 2025.

The notes on pages 48 to 72 form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/

COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

There were no significant non-cash transactions in the year to 30 June 2025.

The notes on pages 48 to 72 of the results form part of these financial statements which can be found at: https://orcadian.energy/investors/results-reports/