LICENCE OBLIGATIONS TRACKER

Work programme commitments · deadlines · RAG status

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Active Licences

+ HALO (legacy)

RED Status

P2482, P2634

AMBER Status

P2244, P2680

GREEN Status

P2650

Unfunded Commitments

£2.53m

Seismic + Phase A

ALL LICENCES

Licence	Asset	WI %	Phase	Operator	Key Commitment	Cost (net)	Consequence
P2244	Pilot / Elke Area	18.75%	Development	Ping Petroleum	FDP submission	£0	JOA 60-day default clause — forfeiture of 18.75% WI. Catastrophic loss of primary asset.
P2482	Elke	100%	Extension	Orcadian Energy	40 km² 2D/3D seismic acquisition	£2000k	Licence relinquishment. Loss of Elke prospect (adjacent to Pilot). TGS ORRI applies here too.
P2634	Fynn Beauly	50%	Phase A	Parkmead (→ Serica acquiring)	Viscosity prediction study (APT)	£75k	JOA default risk. Possible forfeiture of 50% WI. Loss of 960 MMbbl STOIIP option.
P2650	Q29 — Glenlough & Breckagh	50%	Early exploration	Orcadian Energy	Desk studies / G&G work	£50k	Licence relinquishment. Low materiality given early stage.
P2680	Earlham	50%	Concept selection	Orcadian Energy	Concept selection advancement	£0	Delay in 300MW gas-to-wire project. Loss of RWE cable access window.

P2244 — Pilot / Elke Area

AMBER

WI: 18.75%

Operator: Ping Petroleum

Expiry: Life of field (post-FDP approval)

Awaiting second partner search, FDP submission H2 2026

FDP submission Carried by Ping H2 2026

JOA compliance 60-day default clause Ongoing

Risk: If Orcadian cannot meet any future cash call (even small), 60-day default triggers forfeiture.

P2482 — Elke

RED

WI: 100%

Operator: Orcadian Energy

Expiry: 2027-07-31

Licence extension granted to Jul 2027. 40 km² seismic commitment outstanding.

40 km² 2D/3D seismic acquisition 100% to Orcadian Jul 2027

Risk: No funding path for seismic. Farm-out is the only viable option.

P2634 — Fynn Beauly

RED

WI: 50%

Operator: Parkmead (→ Serica acquiring)

Expiry: Phase A: ~2027, Phase C well: 2028

Phase A studies: viscosity prediction, EM simulation, well planning. Budget £1.06m (£530k net).

Viscosity prediction study (APT) £37.5k net Q2 2025

EM heating simulation £75k net Q3 2025

Phase A remaining studies £417.5k net 2025-2027

Phase C appraisal well £7.5m net — distant 2028

Risk: Funding gap narrowed — Serica pays Orcadian for technical work, reducing net hold cost. 602-1,343 MMbbl STOIIP warrants retention. RF heating EOR could push RF to 40%.

P2650 — Q29 — Glenlough & Breckagh

GREEN

WI: 50%

Operator: Orcadian Energy

Expiry: ~2029 (6yr Innovate)

Innovate licence with flexible work programme. 6-year term. Two gas prospects: Glenlough and Breckagh. Gas only — no oil. SNS gas economics.

Desk studies / G&G work £25k net — minimal Ongoing

Risk: Low priority. Minimal cash exposure. Hold unless capital needed urgently.

P2680 — Earlham

AMBER

WI: 50%

Operator: Orcadian Energy

Expiry: Life of field (post-FDP)

4-year Concept Selection Report complete. MLCP carry. 300MW MOGU. RWE cable agreement.

Concept selection advancement Carried by MLCP 2025-2026

FDP preparation Carried by MLCP 2027-2028

Risk: MLCP commitment timing. Cross-border P01-FA complexity (Netherlands).

LICENCE TIMELINE — GANTT VIEW

All licence phases and key deadlines (2025-2031)

Source: Orcadian management planning