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23 March 2026

Orcadian Energy plc

("Orcadian" or the "Company")

Results for the half year ended 31 December 2025

Orcadian Energy (AIM: ORCA), the North Sea focused oil and gas development company, is pleased to announce its unaudited results for the six months ended 31 December 2025.

Highlights:

·    Secured a three-year extension to the Second Term of the Pilot Licence

·    Completed the transfer of polymer flood reservoir modelling knowledge to the Ping sub-surface team

·    Identified the potential to develop the Lowlander field as a tieback to local infrastructure

·    Defined the scope of the Earlham development to include the sale of unprocessed gas to The Marine Low Carbon Power Company Ltd

·    Cash position as at 31 December 2025 of £319,903

Post period Highlights:

·    As previously announced on 30 December 2025, the Company has continued to receive funding through its convertible loan notes ("CLNs") investors of which £450,000 has now been received to date, with a balance of £50,000 outstanding

·    Reached an in-principle agreement with Albion Labs Canada to issue royalties in return for cash as announced on 9 February 2026

Activity Focus:

·    To support Ping in the sub-surface evaluation of Pilot

·    To assist Ping in the preparation of a Concept Select Report for the Pilot development

·    To support our partners in securing finance for the power station at the Earlham field

·    To explore financing opportunities for the company by issuing royalty-based cash flow streams

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

Contact:

About Orcadian Energy plc

Orcadian is a North Sea focused, low emissions, oil and gas exploration and development company. 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 to deliver reliable energy to the UK.

Chairman & CEO's Statement

The global energy landscape has become much more uncertain, with heightened geopolitical and macroeconomic volatility now the major influence on policy and investment decisions. While short‑term outcomes are difficult to predict, the Board believes that energy security will become an increasingly important priority for governments over the medium to long term compared with the position a decade ago.

Energy security, in the Boards' view, is most effectively supported through increased domestic energy production. Experience has shown that reliance on external supply can expose economies to significant risk. Renewable energy sources, including wind, are expected to continue to play a role within the UK energy mix; however, their intermittency and stubbornly high costs mean that conventional energy sources are likely to remain essential, with gas continuing to act as a critical balancing fuel within the system.

The Board considers that domestically produced oil and gas will be recognised as strategically important to the UK. In addition to supporting security of supply, domestic production contributes positively to the balance of payments and, when compared with imported hydrocarbons, can result in lower overall lifecycle emissions due to shorter supply chains and higher regulatory standards.

Against this backdrop, the Board expects that, over time, UK government policy will continue to evolve to encourage responsible investment in domestic oil and gas resources, including the North Sea. The current Energy Profits Levy ("EPL") is scheduled to transition to the Oil and Gas Price Mechanism ("OGPM"), which applies only above defined price thresholds and is designed to capture windfall gains during periods of elevated commodity prices. The Board believes that this framework provides greater clarity and is likely to encourage long‑term investment decisions.

In the Board's opinion, the UK oil and gas sector is therefore assessing opportunities to invest in new developments ahead of the expected conclusion of the EPL. Under the current regime, investment in new projects can mitigate near‑term tax exposure without increasing longer‑term liabilities under the OGPM, creating an incentive to advance viable developments, subject to regulatory approvals.

Orcadian Energy's portfolio remains focused on development opportunities. The Company specialises in identifying and progressing licences that have previously been relinquished, applying technical expertise and commercial innovation to unlock value and advance projects towards development.

We have five licences and five important discoveries all of which can be contributing to the UK's energy security in the 2030s and beyond.

·    P2244 (Orcadian 18.75%) contains the Pilot discovery, with 79 MMbbl of contingent resources, which is planned to be developed using a polymer flood strategy. We have Ping as the development partner and a carried pathway to first oil. Orcadian continues to support Ping in the preparation of a concept select report to submit to the NSTA.

·    P2482 (Orcadian 100%) contains the Elke and Narwhal discoveries which have 53 MMbbl of discovered resources with the potential of doubling that resource base through appraisal.

·    P2634 (Orcadian 50%) covers the Fynn Beauly discovery where we are working with the operator Serica Energy to model potentially viable resource recovery schemes, the resource potential is huge, of the scale of another Rosebank, where the oil is particularly well suited to make the anode grade needle coke that can be used to make the anodes of electric vehicle batteries.

·    P2634 also includes the Lowlander discovery which contains over 20 MMbbl of light sulphurous oil. Dealing with the hydrogen sulphide has been the rock that every previous development plan has foundered on, we are working on an alternative scheme that has potential to navigate around that hazard.

·    P2650 is the only licence which is focussed on exploration opportunities, the kind we like: low cost and low risk. They are low cost because the wells are shallow and low risk as the key uncertainty - gas saturation can be addressed using an electromagnetic survey.

·    P2680 includes the Earlham gas field which is slated to supply an offshore power station with integrated carbon capture. Key to moving the Earlham project forward is the financing of the power station project, that process is managed by our partners The Marine Low Carbon Power Company Ltd and The Independent Power Corporation Limited. With Earlham underway, there is further potential to redevelop at the decommissioned Orwell field, and the compelling Clover prospect to drill.

Taken together, this portfolio reflects Orcadian's strategy of maintaining a diversified range of development and exploration opportunities, underpinned by technical innovation and disciplined capital allocation. The Company seeks to progress multiple projects in parallel, applying proven and emerging technologies to unlock value from UK domestic resources, with the objective of advancing assets in a manner that supports long‑term shareholder value and contributes to the UK's future energy requirements.

Of course, exploring these avenues to unlock value takes finance as well as innovation. So, we are innovating there as well. As announced on 9 February 2026, we are exploring a potential royalty-based funding structure under which, subject to separate definitive agreements and regulatory approvals, Albion Labs Canada would acquire royalty interests over certain of Orcadian's assets. Albion Labs Canada subsequently intends to securitise and tokenise those royalty interests, and offer them to its own investors. Orcadian would not be involved in any such tokenisation or distribution, which would be undertaken independently by Albion Labs Canada (or its regulated affiliate). This creates a new opportunity for investors to back specific field developments and to benefit from the resources that can ultimately be produced, so we are optimistic that there will be a market for these tokens and that tokenisation can provide the capital to unlock the significant potential in our portfolio.

We cannot predict how deep the market for these tokens is, nor make an estimate of what financial resources we might secure in this process, but we are delighted to create a new means to finance the prospects, projects and licences we have accumulated. In the meantime, just before year end we created a £500,000 convertible loan note, the company had received £322,500 by year end, now the company has received a total of £450,000 and we expect to receive the remaining £50,000 in due course.

Of note during the period, our Operator on the Pilot project had been awarded a three-year extension to that licence, which contains the Pilot project. The licence now expires on 30 November 2028.

We hope that the rest of 2026 will bring peace and stability for the globe and for all of our shareholders.

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

All operations are continuing.