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Orcadian Energy PLC - North Sea focused oil and gas development company - Executes formal agreement with Carrick Resources Ltd over a sub-area of licence P2320, which contains the Carra prospect in the UK North Sea.
Under the deal, transfer of the Carra interest will be met not through cash, but the achievement of certain work milestones. Carrick will review existing data, and acquire a licence to interpret the seismic data being reprocessed, then remap the prospect.
In return for the updated mapping, Orcadian will assign a 50% interest in the sub-area to Carrick.
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12-month change: down 11%
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