Orcadian Energy Plc (GB:ORCA) has released an update.
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Orcadian Energy has announced a provisional farm-in agreement with a potential partner, including a long-term loan of $1.4 million to fund corporate liabilities and general costs, while also exploring opportunities to generate low carbon electricity. This partnership could lead to the partner becoming the operator for the SNS Licence’s Earlham project, with Orcadian maintaining operational control until the assessment phase is complete. The deal is subject to various conditions and approvals, and the company has provided a commercial exclusivity period until the end of 2024 to finalize the documentation.
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