Orcadian Energy PLC. Stock Analysis ORCA.L

Orcadian Energy Plc engages in the development and management of oil and gas assets. The firm is focused on viscous oil development opportunities in the Central North Sea. The firm has four licenses, three of which lie 150 kilometers due east of Aberdeen and just west of the Gannet field and the Anasuria and Triton FPSOs, in an area known as the Western Platform. The company has an 18.75% fully carried interest in license P2244 (block 21/27a) and a 100% interest in license P2482 (blocks 28/2a and 28/3a). Its third license, Mid-North Sea High license, P2650, contains shallow gas leads and covers blocks 29/16, 29/17, 29/18, 29/19, 29/21, 29/22, 29/23, 29/27 and 29/28. The company has a 50% working interest in the Fynn license, which contains a substantial heavy oil discovery and covers blocks 14/15a, 14/20d and 15/11a. The company has a 50% interest in the SNS license, P2680, which contains the Earlham discovery, a low-calorie gas discovery with 114bcf of methane resources on a P50 basis.