Announcement • Jan 08
Orcadian Energy Plc, Annual General Meeting, Jan 29, 2026 Orcadian Energy Plc, Annual General Meeting, Jan 29, 2026. Location: the offices of arch law, huckletree bishopsgate, bishopsgate, ec2n 4bq, london United Kingdom Announcement • Nov 24
Orcadian Energy Plc Announces Pilot Field Extension of Licence P2244 Orcadian Energy Plc reported that the UK's North Sea oil and gas regulator, the North Sea Transition Authority ("NSTA") has approved a three-year extension to the Second Term of the Pilot Licence P2244. The new licence expiry date is now 1 December 2028. P2244 contains the Pilot field and Orcadian has an 18.75% carried interest in the licence. The operator of the licence is preparing a refreshed sub-surface description of the Pilot field, informed by the high-quality 3D seismic provided by TGS ASA, and supported by the Orcadian team as they progress the project towards a Final Investment Decision. Securing this licence extension to enable the development and submission of an updated field development plan has obviously been essential and Orcadian looks forward to supporting the operator to deliver a plan that maximises oil recovery and minimises carbon dioxide emissions in the production process. New Risk • Sep 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£486k free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.91m market cap, or US$9.23m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Aug 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.31m (US$9.87m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£486k free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£7.31m market cap, or US$9.87m). Announcement • Mar 06
Independent Power Corporation PLC completed the acquisition of 50% stake in Halo Offshore UK Limited from Orcadian Energy Plc (AIM:ORCA). Independent Power Corporation PLC agreed to acquire 50% stake in Halo Offshore UK Limited from Orcadian Energy Plc (AIM:ORCA) on December 13, 2024. Orcadian and IPC intend to seek production acquisition opportunities for HALO with a preference for low-emissions, non-operated, gas producing licences. IPC has also reimbursed Orcadian for costs incurred in evaluating and closing the HALO acquisition and exploring acquisition opportunities for HALO and will finance HALO to pursue production acquisition opportunities. IPC has also undertaken to secure £5 million of acquisition finance as part of an initial programme of gas field buy-outs.
Zeus Capital Limited acted as financial advisor for Orcadian Energy Plc.
Independent Power Corporation PLC completed the acquisition of 50% stake in Halo Offshore UK Limited from Orcadian Energy Plc (AIM:ORCA) on March 4, 2025. Announcement • Dec 16
Orcadian Energy Plc, Annual General Meeting, Jan 15, 2025 Orcadian Energy Plc, Annual General Meeting, Jan 15, 2025. Location: the offices of shakespeare martineau, 60 gracechurch street, ec3v 0hr, london United Kingdom New Risk • Dec 12
New major risk - Revenue and earnings growth Earnings have declined by 31% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.91m market cap, or US$8.81m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Announcement • Dec 03
Orcadian Energy Plc (AIM:ORCA) acquired HALO OFFSHORE UK LIMITED from Hague and London Oil PLC. Orcadian Energy Plc (AIM:ORCA) acquired HALO OFFSHORE UK LIMITED from Hague and London Oil PLC on December 3, 2024.
The transaction is subject to approval of bankruptcy court.
Dan Bate, Alex Campbell-Harris of Zeus Capital Limited acted as financial advisors to Orcadian Energy Plc.
Orcadian Energy Plc (AIM:ORCA) completed the acquisition of ALO OFFSHORE UK LIMITED from Hague and London Oil PLC on December 3, 2024. New Risk • Sep 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.0m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£6.52m market cap, or US$8.55m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Currently unprofitable and not forecast to become profitable next year (UK£999k net loss next year). Shareholders have been diluted in the past year (8.9% increase in shares outstanding). New Risk • Aug 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.0m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.41m market cap, or US$6.87m). Minor Risks Currently unprofitable and not forecast to become profitable next year (UK£999k net loss next year). Shareholders have been diluted in the past year (8.9% increase in shares outstanding). New Risk • May 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.51m (US$9.56m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.0m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.51m market cap, or US$9.56m). Minor Risks Currently unprofitable and not forecast to become profitable next year (UK£999k net loss next year). Shareholders have been diluted in the past year (8.9% increase in shares outstanding). New Risk • Apr 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 25% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.0m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Market cap is less than US$100m (UK£12.6m market cap, or US$15.9m). New Risk • Feb 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£1.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.0m free cash flow). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Market cap is less than US$100m (UK£9.09m market cap, or US$11.5m). Announcement • Dec 19
Orcadian Energy Plc has completed a Follow-on Equity Offering in the amount of £0.5 million. Orcadian Energy Plc has completed a Follow-on Equity Offering in the amount of £0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,571,429
Price\Range: £0.14
Transaction Features: Subsequent Direct Listing Announcement • Dec 18
Orcadian Energy Plc, Annual General Meeting, Jan 17, 2024 Orcadian Energy Plc, Annual General Meeting, Jan 17, 2024, at 10:30 Coordinated Universal Time. Location: the offices of Shakespeare Martineau, 60 Gracechurch Street London United Kingdom New Risk • Oct 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (46% average weekly change). Earnings have declined by 45% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Market cap is less than US$100m (UK£14.9m market cap, or US$18.0m). Announcement • Feb 02
Orcadian Energy Plc has completed a Follow-on Equity Offering in the amount of £0.5 million. Orcadian Energy Plc has completed a Follow-on Equity Offering in the amount of £0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: £0.1
Transaction Features: Subsequent Direct Listing Announcement • Jan 10
Orcadian Energy Plc Announces Pilot Technical Resource Upgrade Orcadian Energy Plc's estimate of Pilot field resources was audited in a CPR by Sproule in 2021 and was included in the Company's Admission Document. Sproule assigned 78.8 MMbbl of 2P reserves to the project, 1P reserves were 58.5 MMbbl and 3P reserves were 110.5 MMbbl. Since listing Orcadian has licensed and, with support from Axis, interpreted newly reprocessed seismic data over Pilot, which resulted in an uplift to the developed area oil-in-place. TRACS then constructed a range of geological realisations and the Orcadian team ran multiple dynamic reservoir simulations to establish a new range of technically recoverable resources. The multiple geological models were designed to incorporate the full range of heterogeneity that the company see as possible across the Pilot field, and the new full-field reservoir models were then calibrated to the results of polymer core flood experimental results. These models have been tested with a range of possibilities for multiple parameters and from that work the team have derived a statistical range of developed area recovery factors which is highly consistent with the range of recovery factors adopted by Sproule in the CPR. This convergence provides great confidence in the latest range of resource estimates as the estimates of recovery factor have been arrived at from two entirely different routes: a stochastic reservoir simulation approach (Orcadian management) and by comparison with analogue fields (Sproule). For clarity, these are management estimates, represent gross production from the field, and have not been audited by Orcadian's Competent Person. This resource update is SPE PRMS 2018 system compliant. The figures quoted are technically recoverable resources before the application of an economic cut-off which is required for the classification of these resources as reserves. Announcement • Dec 23
Orcadian Energy Plc, Annual General Meeting, Jan 17, 2023 Orcadian Energy Plc, Annual General Meeting, Jan 17, 2023, at 11:00 Coordinated Universal Time. Location: Shakespeare Martineau LLP 6th Floor, 60 Gracechurch Street, London, EC3V 0HR London United Kingdom Price Target Changed • Nov 16
Price target increased to UK£2.60 Up from UK£1.15, the current price target is provided by 1 analyst. New target price is 940% above last closing price of UK£0.25. Stock is down 33% over the past year. The company posted a net loss per share of UK£0.013 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Non-Executive Chairman Joe Darby is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Tim Feather was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 15
North Sea Transition Authority Grants Orcadian One-Year Extension to Licence P2244 Orcadian Energy announce the North Sea Transition Authority (NSTA) has granted Orcadian a one-year extension to licence P2244, which contains the Pilot field.The Second Term of licence P2244 was due to expire at the end of November this year but will now expire at the end of November 2023. During 2023 Orcadian will be working towards a potential development decision on the Pilot field, which has audited proven and probable reserves of 79 million barrels (MMbbl) (see Company's Admission Document). This extension to the licence will enable the Company to continue to progress this work. The Directors believe that development of the Pilot field is an essential aspect of a Secure Transition to net zero for the UK and, due to the development concept that the Company has adopted, expect the Pilot field to be amongst the lowest carbon emitting oil production facilities in the world. The selected development concept for Pilot is expected to produce just 2.6 kgCO2e/bbl of carbon-equivalent emissions. That is approximately a tenth of the emissions intensity of North Sea production in 2021. By developing Pilot, the emissions associated with the UK's consumption of oil and gas will be significantly reduced. The Pilot development should achieve this exceptionally high environmental standard because of the pioneering techniques proposed by Orcadian, combined with the rigorous process the regulator imposes upon the industry, here in the United Kingdom. Announcement • Sep 29
Orcadian Energy plc Announces Board Changes Orcadian Energy Plc announced the following changes to the Board. Greg Harding has confirmed his intention to retire from the Board of the Company at the end of the year. Greg was a founder of Orcadian back in October 2013 when he and Steve Brown started screening relinquishment reports for a North Sea project of scale. After almost nine years with Orcadian, Greg is planning to retire. Christian Wilms has advised the Board that given his increasing executive responsibilities, it has become difficult for him to dedicate the necessary time to his role as a non-executive at Orcadian. As such, Christian has asked to leave the board; and he will cease to be a director of the Company from the 31stOctober 2022. Christian joined the Orcadian board in 2019, just as he was moving from Shell to MOL. He has been a great counsellor, both technically and commercially, and his advice will be much missed. Following these changes, the Orcadian board will consist of four directors: Joe Darby, Non-Executive Chairman, Tim Feather, Independent Non-Executive Director, Steve Brown, Chief Executive Officer and Alan Hume, Chief Financial Officer. The board is aware of its responsibilities under the QCA Corporate Governance Code for smaller companies to have two independent non-executive directors on the board of the Company, and will look to appoint a new independent board member in due course. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Chairman Joe Darby is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Tim Feather was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Mar 30
Orcadian Energy Announces Extension to Phase 'A' of Licence P2320 Orcadian Energy announced an extension to Phase 'A' of Licence P2320 and a resource update. Following extensive discussions with the North Sea Transition Authority ("NSTA"), the regulator has agreed to extend Phase 'A' of this Innovate Licence to the 14th May 2023. The Initial Term end date of the License has also been extended until the 14th November 2024. Licence P2320 makes an important contribution to the reduction in emissions from the planned development of the Pilot field. Orcadian's preferred means of managing excess gas during the Pilot production phase is to be able to inject it into the gas cap on the Feugh reservoir, which lies within P2320. This eliminates any inessential flaring, and means that there will always be gas available to power the highly efficient gas engines which will provide reserve power capacity when the wind doesn't blow. A reliable back-up system is the key to maximising the utility of wind power for offshore operations. The Company has also completed its new interpretation of the recently reprocessed seismic data, licensed from TGS, over the Pilot, Feugh and Blakeney discoveries as well as the Bowhead prospect. For Pilot, the Company estimates that the development area oil-in-place will increase by about 10% to 15% compared to the previously estimated and audited volume, which was based on an older seismic survey. The directors believe that this increase in development area oil-in-place will likely result in an upgrade to recoverable reserves, when the Pilot field reserves are next audited. The development area is the region of the field which the development wells will drain and is referred to in the CPR as the "Reserves Area". The Bowhead prospect remains a very exciting opportunity for the Company. The P90-P50-P10 range for recoverable oil has been revised to 8-44-201 MMbbls, using the same methodology as used in the CPR; the previously estimated range of prospective resources was 12-43-105 MMbbls respectively. Extensive geophysical modelling has shown the seismic response to be consistent with other offset discoveries in the prolific Tay reservoir unit. Management now estimate the Geological Chance of Success for Bowhead to be 65%, previously 49%. The Company intends to update its CPR during 2022 to reflect this new geological and geophysical interpretation and the encouraging, and ongoing, reservoir modelling work, as well as updated development cost estimates. To enable Licence P2320 to proceed into Phase 'C', the drilling phase, the Company will need to present to NSTA a fully financed proposal for a well to be drilled to the Tay reservoir. That well could be a Bowhead exploration well, a production/injection well on Feugh, an exploration well on the Carra prospect, or potentially an updip appraisal well on the Pilot channels, which are a contiguous part of the Pilot field not included in the current quoted oil-in-place. Announcement • Jul 16
Orcadian Energy Plc has completed an IPO in the amount of £3 million. Orcadian Energy Plc has completed an IPO in the amount of £3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,500,000
Price\Range: £0.4
Transaction Features: Direct Listing 