(Alliance News) - Orcadian Energy PLC on Tuesday said it had increased its technically recoverable resource estimate for its Pilot field project.

The London-based North Sea focused oil and gas development company said technically recoverable resources have increased by 18% to 97 million barrels of oil for a P50 case, based on a polymer flood development scheme. In 2021, energy consultant Sproule estimated Pilot's recoverable resources to be 82.0 million barrels for a P50 case.

The company said the P10 upside estimate for Pilot is now 131 million barrels, up 16% from 112.8 million barrels in 2021. The P90 proven estimate saw a smaller increase of 6.2%, rising from 61.5 million barrels to 65.3 million barrels.

Orcadian said it ran multiple dynamic reservoir simulations to establish the new range of technically recoverable resources figures.

Orcadian said the convergence of the company's figures, arrived at through reservoir simulation, and Sproule's 2021 figures, calculated by comparison with analogue fields, "provides great confidence in the latest range of resource estimates as the estimates of recovery factor have been arrived at from two entirely different routes".

Chief Executive Officer Steve Brown said: "A thorough understanding of the reservoir and how it will perform is the foundation of any sound development plan. We are confident that this work has not only given us that understanding, but will also provide an excellent basis for potential farm-in partners to evaluate the Pilot development in the coming months."

Orcadian shares were down 9.7% trading at 13.10 pence per share on Tuesday afternoon in London.

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.