JV & PARTNER MANAGEMENT

Relationships · obligations · cash call exposure · risk status

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Active Partners

Across 5 licences

Carried Assets

Pilot (Ping) + Earlham (MLCP)

Cash Call Exposure

£2.56m

Fynn £530k + Elke £2m

JV at Risk

Fynn

Serica acquisition uncertainty

Default Risk

P2244 JOA

60-day forfeiture clause

Ping Petroleum

JV Partner / Funder · P2244 (Pilot)

● ACTIVE 81.25% WI

Operator and majority WI holder. Carries Orcadian through first oil. Key dependency.

Obligations

› Full carry of Orcadian 18.75% through development and first oil

› Fund all capex (~$1.6bn total development cost)

› Lead FDP submission to NSTA

› Source second partner to share development risk

Risks

⚠ Second partner search delayed — no announcement yet

⚠ FDP submission slippage beyond H2 2026

⚠ Carry repayment terms (80/20 split) crush Orcadian cash flows for 7 years

⚠ If Ping cannot fund, Pilot is stranded

Cash Exposure

£0k

Fully carried. No cash calls expected.

FDP submission: H2 2026NSTA approval: 2027First oil: 2030

MLCP

JV Partner / Funder · P2680 (Earlham)

● ACTIVE 50% WI

Farm-in partner carrying Orcadian on Earlham gas-to-wire development. 80/20 carry terms.

Obligations

› Fund concept selection and FDP preparation

› Carry Orcadian through development (~£450m total capex)

› 80/20 revenue split during carry repayment

Risks

⚠ MLCP commitment not yet formally sanctioned (FID pending)

⚠ Gas-to-wire is novel — technology risk on CapsolGT

⚠ Cross-border complexity with P01-FA (Netherlands)

⚠ Long timeline — first gas 2031+ at best

Cash Exposure

£0k

Fully carried. But MLCP commitment timing uncertain.

Concept selection: 2025-2026FDP: 2027-2028First gas: 2031

Serica Energy (acquiring Parkmead)

JV Partner / Operator · P2634 (Fynn Beauly)

◐ TRANSITION 50% WI

Parkmead is operator of Fynn. Serica acquiring Parkmead (announced Dec 2024, closing H1 2025). JV attitude uncertain.

Obligations

› Operate Fynn under JOA

› Share 50% of Phase A study costs (£530k to Orcadian)

› Manage work programme and regulatory submissions

Risks

⚠ Serica may not share Orcadian's vision for Fynn heavy oil development

⚠ Post-acquisition priorities may differ — Fynn could be deprioritised

⚠ If Serica wants to exit, Orcadian left with unfunded 100% or must relinquish

⚠ EM heating + polymer never tried offshore — Serica may be sceptical

Cash Exposure

£530k

£530k net Phase A obligation. Currently unfunded (£76k cash).

Serica acquisition close: H1 2025Phase A studies: 2025-2027Appraisal well: 2028

TGS

Seismic Data Provider / ORRI Holder · P2244 (Pilot/Elke)

● ACTIVE

Holds 1% gross overriding royalty on P2244. $1.945m credit against first ORRI payments. Seismic data dependency.

Obligations

› None — TGS is a passive royalty holder

Risks

⚠ 1% gross ORRI reduces Orcadian net revenue permanently

⚠ At $75/bbl and 78.8 MMbbl 2P, lifetime ORRI cost ~$59m

⚠ $1.945m credit provides ~2yr buffer at early production rates

Cash Exposure

£0k

No cash calls. ORRI deducted from production revenue.

ORRI commences at first oil (2030)Credit exhausted ~2032

Triangle Energy

JV Partner · P2650 (Q29)

● ACTIVE 50% WI

50/50 partner on Q29 Innovate licence. Early-stage exploration. Low activity.

Obligations

› Share desk study costs (50/50)

› Joint decisions on work programme

Risks

⚠ Low priority asset for both parties

⚠ If Triangle loses interest, Orcadian left with 100% of a low-value asset

Cash Exposure

£25k

Minimal — £25k net for desk studies.

Ongoing desk studiesDecision point: ~2027

IPC (HALO)

Partner (decommissioning) · HALO Offshore

○ LEGACY 50% WI

Purchased 50% of HALO for £15k. Decommissioning liability ring-fenced in HALO Offshore UK Ltd.

Obligations

› Share decommissioning costs (if any)

› $1.4m conversion to equity (Earlham partner funding)

Risks

⚠ HALO net liabilities: -£45.6m (decommissioning provision)

⚠ Ring-fenced in separate entity but regulatory tail risk

Cash Exposure

£0k

Ring-fenced. No direct cash exposure to Orcadian PLC.

Decommissioning timeline TBD

CASH CALL EXPOSURE TRACKER

RAG	Partner / Source	Licence	Type	Amount (net)	Due	Status
	Serica/Parkmead	P2634	Phase A studies	£530k	2025-2027	UNFUNDED
	Self (100%)	P2482	Seismic commitment	£2000k	Jul 2027	UNFUNDED
	Triangle	P2650	Desk studies	£25k	Ongoing	MANAGEABLE
	Ping	P2244	Development carry	£0k	N/A	CARRIED
	MLCP	P2680	Development carry	£0k	N/A	CARRIED
TOTAL UNFUNDED EXPOSURE				£2555k