Orcadian Energy provides the following update on its potential farm-out of its flagship asset the Pilot development project (Licence P2244):

• The Company has today agreed with the potential operator (the “Operator”) a seven day extension, from 30 November 2023 until 7 December 2023 (the “New Deadline”) for the Operator to execute definitive documentation for an overall farm out deal.
• Notwithstanding this, the Company has yesterday submitted to the North Sea Transition Authority (“NSTA”) a request to:

1. consent to an assignment under, and in accordance with, clause 40(1) of the Licence to the Operator; and
2. approval of appointment of the Operator as operator under, and in accordance with, clause 24 of the P2244 Licence.

The Company has attached to this application the currently agreed Sale and Purchase Agreement (“SPA”), on the understanding that a fully executed SPA will be filed before 7 December 2023. The Company is in conversations with NSTA to confirm that this approach will satisfy the extension conditions for P2244, set out in the announcement of 25 October 2023. However, if it does not, and in any event if an SPA is not signed by the New Deadline, then Orcadian will withdraw the NSTA request and, unless NSTA agree otherwise, Orcadian’s interest in P2244 will automatically cease and determine on the 30 December 2023.

KeyFacts Energy: Orcadian Energy UK country profile