Published: September 18, 2023 at 2:38 a.m. ET
By Christian Moess Laursen
Orcadian Energy said it has agreed non-binding terms with an unnamed North Sea operator regarding a possible subcontracting of its pilot development project in the central North Sea.
The specialist North Sea oil and gas company said on Monday that if the deal was completed on time the operator would purchase a…
By Christian Moess Laursen
Orcadian Energy said it has agreed non-binding terms with an unnamed North Sea operator regarding a possible subcontracting of its pilot development project in the central North Sea.
The specialist North Sea oil and gas company said on Monday that if the deal was completed on time, the operator would purchase an 81.25% stake in license P2244 and become the operator of the pilot development.
According to a report prepared by Sproule in 2021, the operator would obtain 63.4 million barrels of net reserves or resources, with Orcadian retaining 14.6 million barrels of proven and probable reserves.
The parties will work on an updated field development plan, which Orcadian estimates will increase the field’s reserves or resources by 5 to 10 percent.
Upon completion of the transaction, license extension and grant of the former P2320 license, Orcadian will receive a cash consideration of $200,000 and an additional $3 million will be received upon approval of the field development plan.
Write to Christian Moess Laursen at [email protected]
