IN BRIEF: Orcadian Energy progresses on development of Pilot

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Orcadian Energy PLC - North Sea focused oil and gas development company - Submits a draft field development plan for the Pilot oilfield, located in shallow water in the UK, to the North Sea Transition Authority. Says the plan will be discussed and agreed upon between the NSTA and Orcadian over the coming months. Notes it cannot be approved until the associated development finance has been finalised. Starts farm-out process at Pilot oilfield, as part of this process.

Believes the energy profits levy introduced by the UK government last month has improved the economics of a farm-in deal for some potential farminees. Believes it will make an investment in the development of Pilot an attractive opportunity.

‘Submission of the draft field development plan is a further important milestone for the Pilot development and highlights the maturity of the project,’ Chief Executive Steve Brown says.

‘Our focus on minimising emissions means that the project will be especially attractive to companies that wish to drive down their emissions intensity whilst the introduction of the investment allowances as part of the Energy Profits Levy will surely incentivise operators to double down on investing in domestic energy security. We look forward to a heightened level of interest in our project and providing further updates as the process progresses.’

Current stock price: 47.15 pence

12-month change: up 16%

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