LONDON - Orcadian Energy PLC (AIM:ORCA), a North Sea oil and gas exploration and development company, has announced the successful passage of all proposed resolutions at its Annual General Meeting held today. The company reported that shareholders cast their votes on various resolutions, with a near-unanimous outcome in favor of the proposed items.
The resolutions, which covered routine corporate governance matters, received overwhelming support, with the percentages of votes cast in favor ranging from 99.96% to 99.99%. The specific details of the votes showed a strong consensus among the shareholders, with the highest opposition being a mere 0.04% for one of the special resolutions.
Orcadian Energy, known for its focus on low emissions and development of the Pilot oilfield, is positioning itself as a key player in the energy sector with a commitment to minimizing the cost of achieving Net Zero emissions while ensuring a reliable energy supply for the UK. The company holds an 18.75% fully carried interest in licence P2244 and a 100% interest in licence P2482.
The Pilot oilfield development project, now under the stewardship of Ping Petroleum UK PLC, is anticipated to be one of the lowest carbon-emitting oil production facilities globally. The development plan includes a polymer flood of the reservoir, a Floating Production Storage and Offloading vessel (FPSO), and power provision from a floating wind turbine or a local wind farm.
Moreover, Orcadian has recently expanded its portfolio with three new licences awarded in the 33rd licensing round, including partnerships and interests in gas leads and heavy oil discoveries.
The company's announcement of the AGM results is based on a press release statement, and it reflects Orcadian Energy's ongoing efforts to align its operations with the evolving energy landscape and the drive towards more sustainable practices in the oil and gas industry.
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