17 December 2021

Orcadian Energy plc

("Orcadian Energy", "Orcadian" or the "Company")

Notice of  Annual General Meeting

Posting of Report and Accounts

Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas development company, announces that it has today posted to Shareholders its report and accounts for the period ended 30 June 2021 (see announcement of 16 December 2021) and also dispatched the Notice of its Annual General Meeting of the Company (the "AGM" or "Annual General Meeting"). Both documents are available on the Company's website https://orcadian.energy 

Notice of AGM

The Company confirms that its AGM will be held at the offices of Shakespeare Martineau LLP, 6th Floor, 60 Gracechurch Street, London EC3V 0HR on Monday 17th January 2022 at 11.00 a.m and for those shareholders looking to listen (but not vote or participate) online access is available via the "Investor Meet Company" platform, further details of which are set out below.  

In the light of the COVID-19 pandemic, Shareholders are encouraged to vote by proxy rather than attending the Annual General Meeting in person. Shareholders who attend in person may not be granted entry to the Annual General Meeting due to capacity restrictions at the venue. If you do plan to attend the Annual General Meeting in person, we kindly ask that you register your intention as soon as possible as numbers may be restricted. Please e-mail: [email protected] as soon as possible to help us to make appropriate arrangements. Shareholders can pre-submit questions on the Resolutions and/or business of the Annual General Meeting to [email protected].   A summary of responses to questions will be published at https://orcadian.energy and, if appropriate, an announcement will be made at the same time. Responses to questions received before 7th January 2022 will be provided before proxy voting closes on 13th January 2022 so that Shareholders can make an informed voting decision.

The Directors continue to closely monitor developments relating to COVID-19 and if any change to the AGM arrangements are required, the Company will notify this to all shareholders as soon as possible

AGM Online (Attendance only)

In order to ensure that shareholders are able to follow the proceedings of the AGM, the Company will provide access online through the Investor Meet Company platform. However, shareholders will not be able to vote online during the Meeting and shareholders are therefore urged to ensure that their votes are counted at the AGM by appointing the Chairman of the AGM as their proxy and submitting their completed Form of Proxy as soon as possible. 

Shareholders are also invited to submit written questions for the Board to consider at the AGM. Questions can be pre submitted in advance of the AGM via the Investor Meet Company Platform up to 4.30pm on Friday 14th January 2022, being the last working day before the AGM, or at any time during the AGM itself. The Board will respond to key questions during the meeting, and will provide such answers on its website thereafter (and by way of announcement, if appropriate). 

Shareholders who wish to listen to the AGM online should register for the event in advance via the following link: 

https://www.investormeetcompany.com/orcadian-energy-plc/register-investor   

For further information on the Company please visit the Company's website: https://orcadian.energy

Contact:

About Orcadian Energy

Orcadian is a North Sea oil and gas operator with a difference. In planning its Pilot development, Orcadian has selected wind power to transform oil production into a cleaner and greener process. The Pilot project is moving towards approval and will be amongst the lowest carbon emitting oil production facilities in the world, despite being a viscous crude. Orcadian may be a small operator, but it is also nimble, and the Directors believe it has grasped opportunities that have eluded some of the much bigger companies. As we strike a balance between Net Zero and a sustainable energy supply, Orcadian intends to play its part to minimise the cost of Net Zero and deliver reliable organic energy.

Orcadian Energy (CNS) Ltd ("CNS"), Orcadian's operating subsidiary, was founded in 2014 and is the sole licensee of P2244, which contains 78.8 MMbbl of 2P Reserves in the Pilot discovery, and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C Contingent Resources in the Elke, Narwhal and Blakeney discoveries (as audited by Sproule, see the CPR in the Company's Admission Document for more details). Within these licences there are also 191 MMbbl of unrisked Prospective Resources. These licences are in blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of Aberdeen.  The Company also has a 50% working interest in P2516, which contains the Fynn discoveries. P2516 is administered by the Parkmead Group and covers blocks 14/20g and 15/16g, which lie midway between the Piper and Claymore fields, 180 kms due East of Wick.

Pilot, which is the largest oilfield in Orcadian's portfolio was discovered by Fina in 1989 and has been well appraised. In total five wells and two sidetracks were drilled on Pilot, including a relatively short horizontal well which produced over 1,800 bbls/day on test. Orcadian's proposed development plan for Pilot is based upon a Floating Production Storage and Offloading vessel, with over thirty wells to be drilled by a Jack-up rig through a pair of well head platforms and will include a floating wind turbine to provide much of the energy used in the production process. Emissions per barrel produced are expected to be about an eighth of the 2020 North Sea average and to lie in the lowest 5% of global oil production.