Highlights

  • NSTA approves three-year extension of Pilot Licence P2244, now expiring 1 December 2028.
  • Orcadian holds an 18.75% carried interest in the North Sea Pilot field.
  • Licence extension enables updated field development plan focused on low-carbon production.

Orcadian Energy plc (LSE:ORCA) has received approval from the North Sea Transition Authority (NSTA) for a three-year extension of the Second Term of Pilot Licence P2244. The new licence expiry date is 1 December 2028. This extension provides additional time for the operator to advance field development planning.

Pilot Field Overview
Licence P2244 includes the Pilot field, where Orcadian maintains an 18.75% carried interest. The operator is preparing an updated sub-surface description of the field, utilizing high-quality 3D seismic data provided by TGS ASA. The Orcadian technical team supports this work as the project progresses toward a Final Investment Decision (FID).

Field Development Plan
The licence extension allows the operator to prepare and submit a revised field development plan. The plan is designed to maximize oil recovery from Pilot while minimizing carbon dioxide emissions during production.

Resource Potential
The Pilot field and adjacent discoveries have a combined potential recoverable resource exceeding 100 mmbbl. Exploration success and renewed licensing of near-infrastructure discoveries could increase this potential to approximately 500 mmbbl.

Focus on Low-Emissions Production
The extension provides the operator time to design a low-emissions development scheme aligned with the proposed post-EPL fiscal regime. This framework is currently under consultation by the UK Treasury and is relevant for Orcadian’s projects in the North Sea.

Share Price Snapshot

ORCA was trading 3.45% higher at GBX 15.00 per share as of 24 November 2025.