Serica Energi acquires Parkmead E&P, the operator of the Finn license from Investing.com

LONDON – Orcadian Energi PLC (AIM: ORCA) has disclosed that Serica Energi (LON:) will acquire Parkmead (E&P) Ltd, making Serica the new operator of North Sea license P2634, in which Orcadian has a 50% stake. The acquisition was announced on Thursday by both Serica and The Parkmead Group plc.

License P2634 contains the Finn Beaulie heavy oil discovery, with an estimated P50 potential resource of 292 million barrels of oil, based on the latest operator estimates. The discovery, located in the Outer Moray Firth, is considered one of the largest undeveloped oil deposits in the UK. Orcadian, together with Parkmead, is working on a three-year development plan for the Finn Beaulie field, aiming for a low-emissions production strategy in line with the North Sea Transition Authority’s Net Zero strategy.

Development of the Finn field is expected to include advanced recovery techniques, such as polymer flooding combined with geothermal heat, to increase the efficiency of oil extraction. This method is expected to significantly reduce carbon emissions associated with production, positioning it more favorably compared to traditional heavy oil extraction methods.

Orcadian Energy CEO Steve Brown expressed his enthusiasm for the acquisition, stating that the company is “committed to finding a way to produce this essential oil with the lowest possible emissions.” The strategic importance of domestic production of viscous oil is emphasized by its use in products such as lubricants, asphalt and anode petroleum coke, which is crucial for electric vehicle batteries.

The transaction is part of Orcadian’s wider strategy to maintain a balance between achieving Net Zero targets and ensuring a sustainable energy supply for the UK. Orcadian’s approach to oil and gas exploration and development focuses on minimizing environmental impact and contributing to the country’s energy security.

This release is based on a press release and does not contain speculative information or promotional content.

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