Fresh from securing a farm-out deal, Orcadian Energy boss Steve Brown points to the strategic advantages of a new floating development at Pilot in the central North Sea.
Orcadian Energy has confirmed Ping Petroleum has become its farm-in partner on the Pilot field, concluding long-running negotiations over the future of the North Sea development.
North Sea operator Orcadian Energy (LON: ORCA) has successfully raised £500,000 by means of a share placing on the London Stock Exchange.
Orcadian Energy will look to the INTOG offshore leasing round to help progress its flagship Pilot development, chief executive Steve Brown said, as the firm looks to make headway in 2023.
Orcadian Energy (AIM:ORCA) has executed a formal agreement with Carrick Resources which will see the latter farm in to a 50% share of its Carra prospect in exchange for further seismic interpretation.
Orcadian Energy has signed a new deal with energy data group TGS, which will see it gain access to 3D seismic data across several of its licences in return for a share of future production royalties.
Having secured assurance from the OGA, Orcadian Energy is now working to progress a low-carbon field development plan for its flagship Pilot field, with a view to bringing partners in 2022.
‘Really important step’: Orcadian hits key OGA milestone for development of 80million-barrel Pilot project
Orcadian Energy has taken "a really important step" on the way to pushing through its 80million-barrel Pilot field in the UK North Sea.