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Orcadian Energy Plc ( (GB:ORCA) ) has shared an announcement.
Orcadian Energy PLC has announced the farm-out of a 50% interest in the Earlham and Orwell projects to The Marine Low Carbon Power Company Ltd (MLCP), which plans to develop these sites to supply its Mobile Offshore Generating Units. This move aims to provide zero carbon energy and aligns with the UK’s net-zero goals. The agreement involves restructuring a Shell loan and includes a carry arrangement to bring the projects into production. Orcadian retains a significant stake and benefits from enhanced revenue interest until the carry is repaid, marking a strategic step towards fulfilling the UK’s clean energy objectives.
More about Orcadian Energy Plc
Orcadian Energy PLC is a company in the energy industry, focusing on the development and production of gas fields. Their market focus includes integrating carbon capture and storage technologies to provide carbon-free energy solutions.
YTD Price Performance: -30.0%
Average Trading Volume: 80,616
Technical Sentiment Consensus Rating: Hold
Current Market Cap: £6.91M
See more insights into ORCA stock on TipRanks’ Stock Analysis page.
