Orcadian Energy has its eye on moving from a pre-development company into a producing company in 2025.
According to its unaudited results for the last six months of 2024, the company’s recent deals put it on track to start producing gas.
The year saw the company complete its acquisition of HALO Offshore UK Ltd and agree the sale of a 50% interest in the asset to Independent Power Corporation (IPC).
In addition, it agreed the terms for a disposal of a 50% interest in licence P2680, which includes the Earlham project, to Marine Low Carbon Power Company (MLCP).
Orcadian Energy CEO Steve Brown commented: “The second half of 2024 has been an important period in the development of Orcadian. We have handed over responsibility for the Pilot project to Ping Petroleum and we are pleased with the progress they are making.
“We have developed a strong working relationship with the MLCP and IPC teams, and we believe that these relationships can deliver on the government’s Clean Power initiative as well as being extraordinarily fruitful for Orcadian.”
The results added that its planned activity in 2025 will be around identifying and negotiating producing asset acquisition opportunities for HALO, and supporting Ping Petroleum and MLCP in the development of Pilot and Earlham respectively
The company will pursue out-of-round licence applications for the former P2320 licence over Blakeney, Feugh and Thornham; and an extension of the P2634 licence to include the area of former licence P2516.
“Having closed the acquisition of HALO in December we are delighted to have brought IPC in as a 50% partner in HALO which we intend to grow into a gas producing company just as quickly as we can,” Brown said.
“We believe that 2025 will see us well on the road to being a production company and graduating from our current pre-development status.”
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