Pharis Energy, the North Sea focused, oil and gas development company, is delighted to announce that it is changing its name to Orcadian Energy (CNS) Ltd (“Orcadian”).

Orcadian is a reference to the beautiful Orkney Islands, which have long hosted the Flotta terminal, where the Company could land some of the oil from its latest licence award in partnership with Parkmead. Orcadian is also a “tip of the hat” to the Orca which builds on the cetacean theme of Orcadian’s oilfields on the Western Platform namely, Pilot, Harbour, Narwhal and the Bowhead prospect.

Steve Brown, CEO of Orcadian commented:

“Pharis was a great name; but about a year after the company adopted that name, SOCO International renamed themselves Pharos Energy. We wanted to be distinctive, and in the end, we thought it better to rename ourselves.”

“Both our Chairman, Joe Darby, and I visited the Orkneys when we were involved with the stewardship of LASMO’s interests in the Piper & Claymore oilfields, which still produce through the Flotta terminal. They are a wonderful place, and we are delighted to adopt their name. We have made great strides in preparing Pilot for development and we look forward to providing updates as we progress our plans.”

About Orcadian Energy

Orcadian Energy (CNS) Ltd, our main operating company, was founded in 2014 and is the sole licensee of P2244, P2320 and P2482, which together contain over 500 mmbbls of discovered oil in place, in the Pilot, Elke, Narwhal, Blakeney, Harbour, Feugh, Dandy and Crinan fields, which lie in blocks 21/27, 21/28, 28/2 and 28/3, 140 kms due East of Aberdeen. In the 32nd Round the Company was awarded a 50% working interest in P2516, which contains the Fynn (Andrew) discovery and part of the Fynn (Beauly) discovery. P2516 is operated by the Parkmead Group and covers blocks 14/20g and 15/16g, which lie midway between the Piper and Claymore fields, 180 kms due East of Wick.

Orcadian has selected a low salinity polymer flood development scheme for the Pilot field and has submitted a Concept Select Report to the OGA. Orcadian is currently conducting a polymer core flood programme to confirm this selection and is working on initiatives, which build on the OGA’s Net Zero initiative and CNS electrification plans, to further reduce emissions from the proposed development scheme, which are currently expected to be about half of the UKCS average.

Pilot, which is the largest oilfield in Orcadian's portfolio was discovered by Fina in 1989 and has been appraised with seven reservoir penetrations including a horizontal well test which produced over 1,800 bbls/day from a short horizontal well.