Orcadian

Data Room — Documents & Findings

24 extracted documents · 200 total files in Box.com data room

200

Total Files

11

✅ Analysed

24

📥 Downloaded

165

⬜ Pending

🔴

Tier 1 (Blocking)

(5 documents)
#1

Ping SPA

Tier 1 P2244

Carry rock-solid. $3m on FDP. Feugh return option.

1874645816651
#2

TGS ORRI Deed

Tier 1 P2244

1% gross royalty Pilot/Elke. $1.945m credit.

1874639019827
#3

JOA P2244

Tier 1 P2244

60-day default → forfeiture of 18.75% WI.

1874641324623
#4

MLCP HoA Earlham

Tier 1 P2680

80/20 revenue split during carry repayment.

1903665882645
#5

RWE Co-Location

Tier 1 P2680

99-page v4.1. Own export cable via MOGU.

1995525911109
🟠

Tier 2 (High)

(5 documents)
#6

Sproule CPR full

Tier 2 P2244

Breakeven $38.65/bbl. Opex $17.48/boe. Pre-EPL.

1926486203527
#7

Orcadian Intro Jan 2026

Tier 2 Corporate

⚠️ Revenue interest 10% during carry.

2091330735958
#8

Pilot Subsurface

Tier 2 P2244

Management 2P = 95 MMbbl. Excalibur FPSO.

1964635163469
#9

Earlham Intro

Tier 2 P2680

343 bcf cluster. Clover clean gas. 20+ year life.

1964655906703
#10

Venture FDP

Tier 2 P2244

WF RF 24-31%. Polymer +16%. PVT data.

327665413231
🟡

Tier 3 (Important)

(10 documents)
#11

EnQuest Models

Tier 3 P2244

WF RF 8-12%. Viscosity trend drives poor result.

327665391631
#12

Well Data

Tier 3 P2244

API 13.1 (5X). 2-8 Darcy permeability.

327665446831
#13

Earlham CSR v2

Tier 3 P2680

6 MOGU scenarios. 300MW CapsolGT.

1903668033110
#14

NSTA Elke Updates

Tier 3 P2482

Extension sought. Farm-down blocked.

1964643997915
#15

P2482 Extension

Tier 3 P2482

GRANTED to Jul 2027.

1920108971811
#16

Q29 Shallow Gas

Tier 3 P2634

298 bcf. Gas-to-wire with floating wind.

1964659319368
#17

HALO SPA

Tier 3 HALO

50% sold £15k. Share security on remaining.

1860887032627
#18

P2634 Fynn JV

Tier 3 P2634

£530k cash call. Serica acquiring. Well 2028+.

337574829576
#19

Steam FDP 2019

Tier 3 P2244

FULL CAPEX $1.06bn. Opex $23-27/bbl.

1903653135631
#20

Pilot Geoscience

Tier 3 P2244

STOIIP 254 MMbbl. 0.2% free gas. Bowhead 42 MMbbl.

1874635748408
⬜

Tier 4 (Background)

(4 documents)
#21

Articles of Association

Tier 4 Corporate

Corporate governance framework.

#22

Insurance Policies Summary

Tier 4 Corporate

Corporate insurance coverage.

#23

Health & Safety Policy

Tier 4 Corporate

Standard HSE documentation.

#24

Anti-Bribery Policy

Tier 4 Corporate

Regulatory compliance documentation.

Priority Analysis Queue

#1

Carry Agreement - Ping/Orcadian.pdf

Critical for understanding Orcadian's economic exposure to Pilot

#2

MLCP Farm-in Agreement.pdf

Defines Earlham partnership economics and obligations

#3

CCS Feasibility - Earlham.pdf

Key to understanding gas-to-wire viability

#4

NPV Sensitivity Model.xlsx

Contains valuation model inputs and assumptions

#5

P2634 Phase A Work Programme.pdf

Defines drill-or-drop decision criteria for Feb 2027

#6

Elke - Farm-out Brochure.pdf

Shows management's view of Elke value proposition

#7

HALO - Technical Portfolio Review.pdf

Needed to assess value of acquired licences

#8

Legal Due Diligence Report.pdf

Comprehensive legal risk assessment

#9

Strategic Plan 2025-2030.pdf

Management's forward-looking strategy

#10

Reserves Reconciliation FY2024.pdf

Updated reserves position