FDP CRITICAL PATH

Pilot field development · milestones · delay cost analysis

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Target First Oil

2030

Pilot Field (P2244)

FDP Submission

H2 2026

To NSTA

Total Capex

$1.6bn

Funded by Ping + partner

Peak Production

22,208

bopd (Sproule 2P)

Delay Cost

$8.5m/mo

NPV destruction per month

PILOT FDP — GANTT CHART

Partner search → FDP → NSTA → Construction → First Oil

Source: Orcadian management timeline

MILESTONE TRACKER — PILOT

M1 Second partner identified Q2 2025 IN PROGRESS Ping

M2 Partner farm-in completed Q4 2025 NOT STARTED Ping

M3 FDP submission to NSTA H2 2026 NOT STARTED Ping

M4 NSTA review & approval H2 2027 NOT STARTED NSTA

M5 Environmental consents 2027 NOT STARTED Ping

M6 FEED & procurement 2028 NOT STARTED Ping

M7 Construction & installation 2028-2029 NOT STARTED Ping

M8 First oil 2030 NOT STARTED Ping

KEY DEPENDENCIES

⟶

Partner Search → FDP Submission blocking

Cannot submit FDP without partner alignment and funding certainty

⟶

TGS Seismic Data → FDP Preparation informing

TGS reprocessed data used in FDP reservoir model

⟶

NSTA Approval → FEED & Procurement blocking

Cannot commit capex without FDP approval

⟶

Rig Availability → Construction constraining

North Sea rig market tight — 12-18 month lead time

DELAY COST CALCULATOR

Months of delay

0 months

NPV Destroyed

$0.0m

New First Oil Date

H1 2030

Rate: $8.5m/month NPV at 20% discount

Peak gross revenue $114m/yr ÷ 12 = $9.5m/mo. Orcadian 10% RI during carry = $0.95m/mo. But NPV of all future cash flows at 20% discount = ~$8.5m per month of delay.

EARLHAM GAS-TO-WIRE

Target first gas: 2031

E1 Concept selection finalised 2025

E2 MLCP FID 2026

E3 FDP submission 2027

E4 Construction 2028-2030

E5 First gas 2031

FYNN BEAULY APPRAISAL

Target first oil: 2034+ · Dev probability: 8%

F1 Viscosity study (APT) Q2 2025

F2 EM simulation study Q3 2025

F3 Serica JV alignment H1 2025

F4 Phase A completion 2027

F5 Appraisal well (Phase C) 2028