Orcadian Energy

Orcadian Energy is an oil and gas company focused on the development of the Pilot heavy oil field in the UK North Sea. The company is listed on the AIM market of the London Stock Exchange under the ticker ORCA.

Orcadian Energy holds the Pilot field which has reserves of 79 million barrels of 12-17 API heavy oil, as estimated by reserves auditor Sproule. Pilot was discovered in 1989 and further appraised through 6 wells until 1991. The field lies in 140 meters of water about 190 km northeast of Aberdeen.

The company is planning to develop the Pilot field using polymer flooding, an enhanced oil recovery technique suited to lifting heavy oil. Orcadian Energy has an agreement in place with a North Sea operator to fund the Pilot development project in return for a majority stake in the licence. If completed, this deal would leave Orcadian with 14.6 million barrels of 2P reserves at Pilot.

In addition, Orcadian Energy has a portfolio of other North Sea licenses with contingent and prospective resources including interests in the Narwhal and Elke discoveries near Pilot, which contain a combined 53 million barrels of 2C contingent resources.