Orcadian announced on Wednesday that the North Sea Transition Authority (NSTA) has confirmed to the Company that, on the basis of the work that Orcadian and the Proposed Operator intend to undertake on Seaward Production Licence P2244 (“P2244”).
Zak spoke with the CEO, Steve Brown today to hear his reaction to the news and what the future holds for holders.
ORCA is currently on a roll, as the Government U-turn on Net Zero plays into the hands of those trying to develop the North Sea and get some petrodollars into the UK economy rather than obsessing over climate. What a surprise that NSTA is quick off the mark these days.
https://soundcloud.com/zak-mir-168804435/steve-brown-ceo-orcadian-energy?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fzak-mir-168804435%252Fsteve-brown-ceo-orcadian-energy
NSTA is prepared to agree to an extension to the Second Term of Licence P2244, subject to certain conditions detailed below (the “Extension”).
The Extension would change the expiry date of the Second Term of P2244 from 30 November 2023 to 30 November 2025.
As announced on 18 September 2023, Orcadian entered into a non-binding heads of agreement with a North Sea operator (the “Proposed Operator”), which provided a period of exclusivity to undertake due diligence on P2244, and execute definitive documentation for a farm-out, by 30 November 2023. The work programme included in the P2244 extension request, submitted by Orcadian, was prepared jointly with the Proposed Operator and the preparation of documentation is proceeding to plan.
