The Elke and Narwhal discoveries hold audited net 2C resources of 45 MMbbl and 9 MMbbl, respectively, with an additional 53 MMbbl of prospective resources identified by Sproule, with geological success rates of 64% to 87%. TGS’s extended elastic impedance analysis supports these estimates, and TGS plans to acquire 100 square kilometers of new 3D seismic data over P2482, focusing on the Narwhal discovery, once the Pilot field development plan is approved.
As the Elke operator, Orcadian will collaborate with Ping Petroleum, the Pilot field operator, and the North Sea Transition Authority to create an integrated area development plan. Ping is advancing Pilot’s development with a low-emissions strategy, incorporating a polymer flood approach in partnership with SNF and Heriot-Watt University. Orcadian holds an 18.75% carried-to-first-oil interest in Pilot.
Steve Brown, CEO of Orcadian Energy, stated: “We are delighted to have received this licence extension which maximises the probability of us designing an area development plan which optimises the development of all the viscous oil resources in the Pilot area.” He added: “We are also very enthused by the potential to be involved with IPC’s project to deliver reliable electrical power from our gas resources.”
Orcadian is partnering with Independent Power Corporation (IPC) and Marine Low Carbon Power Company (MLCP) to form a joint venture for licenses P2680 (Earlham and Orwell) and potentially P2650, which includes shallow gas prospects. This structure aims to support carbon-free energy production from offshore power plants for IPC’s customers, aligning with sustainable energy goals.
The license extension and partnerships position Orcadian to contribute to efficient resource development and low-emission energy solutions in the North Sea.
