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Orcadian Energy Plc ( (GB:ORCA) ) has issued an announcement.
Orcadian Energy has expressed its approval of Serica’s acquisition of Parkmead (E&P) Ltd, becoming the operator of license P2634, in which Orcadian holds a 50% interest. This acquisition is deemed significant as the Fynn license within this area is one of the UK’s largest undeveloped oil discoveries, with substantial viscous and heavy oil resources. Orcadian, alongside Serica, aims to develop this opportunity with a focus on reducing emissions by leveraging geothermal heat and polymer flooding techniques. The strategic move is expected to bolster domestic oil production, enhance energy security, and reduce reliance on high-emission imports, aligning with the UK’s Net Zero Strategy.
More about Orcadian Energy Plc
Orcadian Energy is a North Sea-focused oil and gas exploration and development company committed to low emissions. The company is recognized for its nimbleness in seizing opportunities that larger companies may overlook. Its key asset is the Pilot oilfield, with significant viscous oil reserves, and Orcadian employs innovative methods like polymer flooding and wind power to reduce environmental impact. The company holds interests in several licenses, including the Fynn license, which contains a substantial heavy oil discovery, and is actively working towards sustainable energy production.
YTD Price Performance: -30.0%
Average Trading Volume: 83,842
Technical Sentiment Consensus Rating: Hold
Current Market Cap: £6.91M
See more data about ORCA stock on TipRanks’ Stock Analysis page.
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