Orcadian Energy Plc (GB:ORCA) has released an update.
Orcadian Energy Plc, a North Sea-focused oil and gas company, has secured an extension on its loan repayment to Shell International Trading and Shipping Company Limited (STASCO) until 5 July 2024, with plans to repay using funds from an industry partner. Orcadian, committed to low-emission production, is advancing its key asset, the Pilot oilfield, through a partnership with Ping Petroleum UK PLC, aiming for one of the world’s lowest carbon-emitting oil production facilities. Additionally, Orcadian has been offered three new licences in the 33rd licensing round, expanding its portfolio with partnerships in heavy oil and shallow gas leads, and a 100% interest in a licence containing the Earlham gas discovery.
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