Board Pack — March 2026
Orcadian Energy PLC · Monthly Board Report
1. Executive Summary
- ● Cash Position: £75,919 — runway 1.4 months at £55,000/mo burn. CRITICAL
- ● Key Milestone: Ping second partner search ongoing. No announcement. FDP submission targeting H2 2026.
- ● Top Risk: Insolvency within 6 weeks without emergency equity raise. Total unfunded obligations: £2,555,000.
2. Financial Position
Cash Balance
£75,919
Monthly Burn
£55,000
Runway
1.4 months
Unfunded Gap
£2,555,000
| Category | Jan 2025 | Feb 2025 | Mar 2025 |
|---|---|---|---|
| G&A | £25,000 | £25,000 | £25,000 |
| Directors | £15,000 | £15,000 | £15,000 |
| Professional | £8,000 | £8,000 | £8,000 |
| Licence fees | £2,000 | £2,000 | £2,000 |
| Travel | £3,000 | £3,000 | £3,000 |
| Other | £2,000 | £2,000 | £2,000 |
| Total | £55,000 | £55,000 | £55,000 |
Board Composition & Shareholdings
| Director | Role | Holding | Independent | Key Background |
|---|---|---|---|---|
| Joseph Darby | NEC | — | No | Ex-LASMO CEO (170k boepd). Faroe Petroleum Chairman at listing. |
| Stephen Brown | CEO | 45.83%* | No | Founder. BP (74% RF Harding Central). Setanta Energy. 39yr industry. |
| Alan Hume | CFO | — | No | CIMA Fellow. Edison Mission Energy. With Orcadian since Jan 2018. |
| Greg Harding | TD | — | No | Co-founder. Imperial. Reservoir specialist. Kerr McGee (Wytch Farm). |
| Christian Wilms | NED | — | Yes | Shell 20yr. MOL Group SVP Subsurface. EOR/CCS specialist. |
| Tim Feather | NED | — | Yes | AIM Qualified Exec. Westhouse Securities. Corporate finance. |
Director compensation is discretionary — board members have deferred fees to preserve cash. Two independent NEDs (Wilms, Feather) provide governance balance.
3. Licence Status
Awaiting second partner search, FDP submission H2 2026
Licence extension granted to Jul 2027. 40 km² seismic commitment outstanding.
Phase A studies: viscosity prediction, EM simulation, well planning. Budget £1.06m (£530k net).
Innovate licence with flexible work programme. 6-year term. Two gas prospects: Glenlough and Breckagh. Gas only — no oil. SNS gas economics.
4-year Concept Selection Report complete. MLCP carry. 300MW MOGU. RWE cable agreement.
4. Partner Updates
P2244 (Pilot) · JV Partner / Funder
Operator and majority WI holder. Carries Orcadian through first oil. Key dependency....
Fully carried — no cash exposure
P2680 (Earlham) · JV Partner / Funder
Farm-in partner carrying Orcadian on Earlham gas-to-wire development. 80/20 carry terms....
Fully carried — no cash exposure
P2634 (Fynn Beauly) · JV Partner / Operator
Parkmead is operator of Fynn. Serica acquiring Parkmead (announced Dec 2024, closing H1 2025). JV at...
Cash exposure: £530,000
P2244 (Pilot/Elke) · Seismic Data Provider / ORRI Holder
Holds 1% gross overriding royalty on P2244. $1.945m credit against first ORRI payments. Seismic data...
Fully carried — no cash exposure
P2650 (Q29) · JV Partner
50/50 partner on Q29 Innovate licence. Early-stage exploration. Low activity....
Cash exposure: £25,000
5. Milestone Progress
Pilot FDP
Earlham
Fynn
6. Market Conditions
Brent Crude
$74.50
placeholder
UK Power
£82/MWh
placeholder
UK Carbon
£48/t
placeholder
GBP/USD
1.27
placeholder
7. Risk Register — Top 5
Insolvency within 6 weeks without funding
Impact: Catastrophic — loss of all assets
Ping second partner search delayed
Impact: FDP submission slip to 2027+
Fynn Phase A (£530k gross, Serica offset)
Impact: Net cost reduced by Serica technical fees. Retain for 960 MMbbl optionality.
Elke seismic commitment unfunded (£2m)
Impact: Licence relinquishment by Jul 2027
Serica JV attitude post-acquisition
Impact: Fynn work programme uncertainty
8. Token Valuations
R3 Pilot
$24.67
Primary: $18 · 37% premium
R4 Earlham
$14.82
Primary: $12 · 24% premium
R5 Fynn
$3.87
Primary: $3 · 29% premium
9. Recommendations
Execute £500k emergency equity raise
Cash runway <6 weeks. Without raise, insolvency inevitable.
Begin Elke P2482 farm-out process
Remove £2m unfunded seismic commitment. Retain 25-50% upside.
Engage Serica on Fynn JV post-acquisition
Clarify work programme, budget, JV relationship under new operator.