Orcadian Energy plc
Orcadian Energy PLC is a UK-listed (AIM) pre-revenue oil and gas exploration and appraisal company holding interests in five UKCS North Sea licences (Pilot/Harbour, Elke/Narwhal, Fynn, Earlham/Orwell and associated gas prospects). Its strategy is to secure discovered resources cheaply and mature them toward development via farm-outs/carried interests (e.g. Ping Petroleum funding 100% of pre-first-oil costs on Pilot) rather than self-funding full field development. It also holds a 50% joint-venture stake in HALO Offshore UK Ltd, targeting acquisition of producing, non-operated UKCS gas fields.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 30 Dec 2025 · 74 pages · Companies House
Orcadian Energy PLC holds interests in oil and gas licences in the UK North Sea and does not yet earn any revenue. In the year to 30 June 2025 it made a loss of £885k, slightly smaller than the £938k loss the year before.
The loss shrank mainly because the previous year included a one-off £186,158 write-off of a licence, which did not happen again. Underlying costs rose, however: day-to-day running costs went up, and so did interest on the company's loans.
Cash fell to £77k at the year end from £215k, while borrowings stood at £1.2m. No new shares were sold during the year and no dividend was paid. After the year end the board arranged a £500,000 loan that can be turned into shares. Management believes the UK North Sea is "on the verge of a resurgence". However, both the directors and the auditors warned of serious doubt over whether the company can keep going, because it must raise more money within 12 months to pay its bills.
Farm-out structure shifting pre-first-oil Pilot development costs to the incoming operator (Ping)
Operator funds 100% of pre-first-oil costs on Pilot, eliminating Orcadian's near-term capital requirement for that asset
page 9We believe the UK North Sea is on the verge of a resurgence and that Orcadian is well positioned to make the best of it; the Company has multiple options to progress and shareholders can be confident that management will choose the path that maximises opportunities for value crystallization and minimises shareholder dilution.
page 6Rising administrative/staff costs and finance costs on borrowings
Administrative expenses rose to £694,190 (2024: £610,940); net finance costs rose to £126,685 (2024: £101,302) as interest accrues on Shell/IPC loans and overdue payables
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 124 confirmed.
No figure has been restated: every figure a later report printed again, it printed the same.