Orcadian Energy PLC · LSE:ORCA
Orcadian Energy — Shareholder Meeting (January 2022)
22 slides from Orcadian Energy's shareholder meeting presentation, Jan 17, 2022
Slide 1: AGM Presentation January 2022
AGM PRESENTATION January 2022 1
Slide 2: Disclaimer
Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Company have not since changed, and the Company does not intend, and does not assume any Orcadian Energy plc (the “Company”) exclusively for information purposes. This presentation has not oblig
Slide 3: Formal AGM business
Formal AGM business ● Ordinary Resolutions ● To re-elect Alan Hume as a director of the Company ● To receive and adopt the report of the directors and the financial statements for the ● To re-elect Christian Wilms as a director of period ended 30th June 2021 and the report the Company of the auditor
Slide 4: Orcadian Team & History
Orcadian Team & History nnaker Opportunities Plc sh shell listed on London Stock Exchange, Standard List segment Company ● Founded in 2014 and awarded the Pilot licence Steve BrownPresentationAlan Hume Greg Harding CEO PART I CFO LETTER FROM THE CHAIRMAN Technical ● Financed by Shell traders and sta
Slide 5: Asset highlights
Asset highlights ● Key asset is the Pilot oilfield which has a substantial audited reserve: 79 MMbbl 2P (proven & probable) ● Pilot field is well appraised and development ready, project NPV10 $640m at $60/bbl, NPV10 breakeven of c. $39/bbl, based on a low salinity polymer flood, using an FPSO, two
Slide 6: Licence & CPR Summary
Licence & CPR Summary 2C 2C 2U Licence and Operator Licence 2P Contingent Contingent Prospective Orcadian Term Phase block Status Area Discoveries Reserves Resources Resources Resources or admin. Interest Expiry* Expiry ¶ numbers (km2) MMbbl (On hold) (Technical) (Unrisked) MMbbl MMbbl MMbbl P2244 P
Slide 7: Maturing resources into reserves
Maturing resources into reserves Prospects Commercial discoveries Contingent Prospective Dev. resources, resources (2U) Discoveries Concept economic Geological chance of (2C) Developments success Contingent Chance of development Drilling resources, Proven technical (2C) Dev. & probable Plan reserves
Slide 8: Orcadian resources and reserves
Orcadian resources and reserves Prospects Commercial discoveries 191 MMbbl Dev. 78 MMbbl Discoveries Concept (2U) (2C, econ.) Geological chance of Developments success Chance of Drilling 17 MMbbl development Proven (2C, tech.) Dev. & probable Plan reserves, approved Appraisal (2P) Dry holes 79 MMbbl
Slide 9: Pilot field summary
Pilot field summary West 21/27a-6 East ● Fully appraised, seven reservoir penetrations, 5 Reserves Summary two tested wells, core and fluid samples held by Orcadian, two high quality 3D seismic Pilot and Pilot South 21/27a-6 Volumetric calculations have been undertaken for the Pilot discovery. A mos
Slide 10: Pilot field development plan
Pilot field development plan FPP Jack-up FPSO WHP 10
Slide 11: Comparison with global oil production emissions
Comparison with global oil production emissions Viscous oil doesn’t have to mean high emissions ● To be comparable with this Stanford University dataset, to our Scope 1 & 2 emissions we have added: ● Scope 3 emissions from offshore logistics, oil transportation to the refinery, and polymer productio
Slide 12: A project delivering on OGA's Net Zero agenda
A project delivering on OGA’s Net Zero agenda Powered by renewable energy ● Multiple opportunities 35 to reduce emissions Scope 1 Scope 2 Benchmarks adopted 30 Pilot field development ● Integration of aggressive 25 process heat Kg CO2/bbl management with high 20 Shorter field life efficiency back-up
Slide 13: A highly profitable project
A highly profitable project $ 1,600 m ● Pilot low salinity polymer flood is a robust and Elke & Narwhal (factored by chance of development) highly profitable project with a NPV10 Pilot breakeven below $40/bbl ● Next step is to secure development partners $ 1,200 m (oil company or an alliance of cont
Slide 14: Progress since IPO: Pilot development progress
WRSURYLGHWKHQHFHVVDU\MXVWLĠFDWLRQRIVXFK the person seeking a decision from the OGA. Progress since IPO: Pilot development progress plans or amend the draft FDP as appropriate. )LJXUH1HZ)LHOG'HYHORSPHQW5RDG0DS 3+$6( $66(660(17 $87+25,6$7,21 (;(&87( ● “Letter of no objection” to the )XOO\GHĠQHGHYHORSP
Slide 15: Progress since IPO: New seismic
Progress since IPO: New seismic Orcadian Energy Licences ● Recently reprocessed seismic dataset licensed Oil Discoveries Thornham from TGS 0 2 Oil Prospects 4 6 8 10 kilometers 21/22a Titchwell 21/28b ● Axis have interpreted seismic over Bowhead, Pilot, Blakeney Fyne Blakeney and Feugh, new maps and
Slide 16: OGA Electrification Competition
OGA Electrification Competition ● The “£1million decarbonisation competition for the electrification of offshore oil and gas installations” was launched by the OGA on the 23rd September ● Orcadian submitted an entry offering to prepare a report on an alternative concept for electrification of the Ce
Slide 17: Orcadian Power Consortium
Orcadian Power Consortium 17
Slide 18: Power Hub schematic
Power Hub schematic ● Local wind farms sized at c. $ )25*(1(5$/127(6(('5:*12 125% of demand $ )25*(1(5$/127(6(('5:*12 ● Highly efficient reciprocating 'HFN&UDQH 'HFN%R[ :LQG7XUELQH 36&URVVEHDP gas engines fuelled by gas (or $)73RQWRRQ 363RQWRRQ PD\FRQVWLWXWHDFRQWUDFWXDO DJUHHGE\XVWKLVGRFXPHQW 2QO\WR
Slide 19: Orcadian Advantages
Orcadian Advantages ● Scalable and easy to deploy – relatively modest, repeatable, local solutions, not a big complex infrastructure project, can start with partial electrification and move to full electrification later ● Very reliable, low emissions, fully backed-up power – c. 70% wind power backed
Slide 20: Objectives and Strategy
Objectives and Strategy Deliver a high return for investors ● Fully finance the polymer flood project for Pilot, multi- strand approach: ● Seek farm-in partners ● Structure a contractor alliance to deliver the project with a minimised equity requirement ● Engage with financing partners ● Add value t
Slide 21: Why Orcadian?
Why Orcadian? pence/share ● Substantial Proven & Probable Reserve base with significant exploration and appraisal upside ● Pilot project well advanced and in line with OGA’s Net Zero goals ● Core projects with NPV10 of over $1.0 billion at $60/bbl and $1.4 billion at $70/bbl* LSE:ORCA – 36p/share ●
Slide 22: Orcadian Energy plc
Auditor: PKF Littlejohn Nomad & Broker: WH Ireland Broker: Shore Capital Cassini House 15 Westferry Circus 24 Martin Lane, 57 St James's Street London E14 4HD London EC4R 0DR London SW1A 1LD United Kingdom Lawyer: Hill Dickinson Lawyer: TandonHildebrand Registrar: Neville The Broadgate Tower, 20 Pri