Schedule One Update - Orcadian Energy plc | RNS | Ticker

Schedule One Update - Orcadian Energy plc

RNS Announcement

RNS Number : 7505E

AIM

09 July 2021

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Orcadian Energy plc

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

6^th Floor

60 Gracechurch Street

London

EC3V 0HR

COUNTRY OF INCORPORATION:

England and Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

https://orcadian.energy

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Orcadian Energy Plc (the "Company"), a North Sea focussed oil and gas development company, is seeking a quotation on AIM to support progress towards the commercialisation of its viscous oil assets located in the UK North Sea. Its key asset is the 100% working interest in the Pilot oilfield, with audited proven and probable reserves of 78.8 million barrels.

The Company also holds a 100% working interest in licence P2320, which contains the Blakeney, Feugh, Dandy and Crinan discoveries and 25 million barrels of 2C contingent resources; a 100% interest in licence P2482 which contains the Elke and Narwhal discoveries and 53 million barrels of contingent resources, and a 50% share in licence P2516, controlled by The Parkmead Group, which lies in the Outer Moray Firth and which contains the Fynn (Beauly) and Fynn (Andrew) discoveries.

The Company's main country of operation is the United Kingdom and all licences are based in in the UK North Sea (most approximately 150km east of Aberdeen). A summary of the licences is included below:

Asset	Operator	Orcadian Interest	Status	Term Expiry	Phase Expiry	License Expiry	Licence Area (km²)
Pilot Field (includes Pilot Main and Pilot South fields), UK, P2244, Block 21/27a	Orcadian Energy (CNS) Ltd "Subsidiary"	100%	Exploration	30^th Nov 2022	n/a	30^th Nov 2040	43.2
Blakeney Field, UK, P2320, Block 21/27b	No Operator License admin. Subsidiary	100%	Exploration	14^th May 2024	14^th May 2022	14^th May 2047	447.9
Elke and Narwhal Fields, UK, P2482, Block 28/2a and 28/3a	No Operator License admin. Subsidiary	100%	Exploration	14^th July 2027	14^th July 2022	14^th July 2051	361.6
Fynn (Beauly) & Fynn (Andrew), UK, P2516, 14/20g, 15/16g	No Operator License admin. Parkmead (E&P) Limited	50%	Exploration	30^th Nov 2026	30^th Nov 2023	30^th Nov 2050	19.9

Across the licences and assets held, Orcadian Energy Plc has substantial audited reserves and resources, with 79 MMbbls of proven and probable reserves, 78 MMbbls of 2C Contingent Resources (development on hold), and 191 MMbbls of unrisked prospective resources noted.

The Company is seeking a fundraise and an admission to AIM in order to progress work on its existing licences including working towards securing a farm out and working with third parties to deliver a Field Development Plan to the Oil & Gas Authority for the Pilot development; acquiring seismic data for Pilot and Bowhead and continuing to appraise all its licence areas.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Total number of securities to be admitted: 63,630,174 ordinary shares of nominal value £0.001 each.

Issue price: 40 pence.

Treasury shares: None.

There are no restrictions as to transfer of the securities.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

£3,000,000 to be raised on admission

£25,452,070 market capitalisation on admission

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

c.66%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

None

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Stephen (Steve) Andrew Brown - CEO (Executive Director)

Alan Douglas Hume - Chief Financial Officer (Executive Director)

Gregory (Greg) Hammond Harding - Technical Director (Executive Director)

Joseph (Joe) Darby - Non-Executive Chairman (Independent)

Christian Wilms - Non-Executive Director (Independent Director)

Timothy (Tim) David Feather - Non-Executive Director (Independent Director)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Shareholder	% pre Admission	% on Admission
Stephen Brown*	55.87	45.83
Gregory Harding	15.69	12.87
Alan Hume	6.37	5.99
Simon Bradbury	3.08	2.53
Rab Capital Holdings Limited**	-	8.42

*This includes the shareholding of Julia Cane-Honeysett (28.24% pre Admission, 23.16% on Admission) the spouse of Stephen Brown

**Including its connected parties

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 30 June

(ii) 31 December 2020 (unaudited interim financial information)

(iii) 31 December 2021 (annual accounts for the year ended 30 June 2021)

31 March 2022 (half yearly report for the period to 31 December 2021)

31 December 2022 (annual accounts for the year ended 30 June 2022)

EXPECTED ADMISSION DATE:

15 July 2021

NAME AND ADDRESS OF NOMINATED ADVISER:

WH Ireland Limited

24 Martin Lane

London

EC4R 0DR

NAME AND ADDRESS OF BROKER:

WH Ireland Limited

24 Martin Lane

London

EC4R 0DR

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The Admission Document, which will contain full details about the applicant and the admission of its securities, will be available on the Company's website (https://orcadian.energy) from the date of the Company's admission.

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

DATE OF NOTIFICATION:

9 July 2021

NEW/ UPDATE:

UPDATE

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AIMFIFFTDLIAIIL

RNS metadata

Title: Schedule One Update - Orcadian Energy plc
Time: 10:00:01
Date: 9 Jul 2021
Category: Capital structure
ID: 7505E