Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Orcadian Energy PLC - North Sea oil and gas developer - Says it is ‘delighted’ as North Sea Transition Authority offers it two licences in the Central North Sea. Includes a 50% working interest in the Fynn licence, which will be operated by Parkmead Group, and 50% of the Mid-North Sea High licence, for which Orcadian applied in partnership with Triangle Energy. Company expects NTSA to formally issue the licences within the next three months. Orcadian also applied for a third licence in the southern North Sea which the NTSA has not offered, but may be considered in a future tranche.
Chief Executive Officer Steve Brown says: ‘With Parkmead, our focus will be on designing a work programme to unlock the potentially very significant resource base in Fynn; and with Triangle we will be working to transform the leads on the Mid North Sea High licence into prospects which can be drilled, likely at a relatively low cost as the gas prospects are so shallow.’
Current stock price: 13.40 pence, up 7.2% on Thursday afternoon in London
12-month change: up 22%
Copyright 2024 Alliance News Ltd. All Rights Reserved.