Orcadian Energy reported that NSTA has announced the offer of a further tranche of licence awards in the 33rd Round. NSTA has confirmed, in an announcement dated 31 January 2024, that Orcadian Energy will be offered two licences in the Central North Sea ("CNS") one in partnership with Parkmead Group, and the other in partnership with Triangle Energy. Orcadian anticipates that these licences will be formally issued within the next three months.

The Mid-North Sea High ("MNSH") licence contains shallow gas prospects and leads which contain up to 336 bcf of gross prospective recoverable resource on a P50 basis, this estimate is an Orcadian management estimate, which is provided for guidance only, and was submitted in the licence application. The two largest prospects - Glenlough and Breckagh - are estimated to account for about 80% of the identified resource potential. Orcadian applied in partnership with Triangle Energy.

Orcadian would be licence administrator and would hold 50% of the offered licence. The Fynn licence contains a very substantial heavy oil discovery which has a gross P50 contingent recoverable resource of 292 MMbbl, based upon the latest internal estimates as presented to NSTA by Parkmead (E&P) Limited, the proposed operator. About 88% of the resource on a best technical case is estimated to lie within the area of the offered licence.

Orcadian has been offered a 50% working interest in the Fynn licence to be operated by the Parkmead Group. The Fynn licence covers blocks 14/15a, 14/20d and 15/11a.