CLN conversion

Orcadian Energy (AIM:ORCA) announces that in relation to the issue of convertible loan notes announced on 30 December 2025 ("CLNs"), it has issued 273,749 ordinary shares (the "Conversion Shares"), which settles £35,000 of the face value loan amount. Following this conversion, £317,500 in aggregate face value of CLNs remains outstanding. The Conversion Shares will rank pari passu in all respects with the existing ordinary shares of the Company.

Admission

Application has been made for this tranche of 273,749 ordinary shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 28 July 2026.

Following Admission, the total voting rights in the Company will be 80,260,726 ordinary shares and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.

For further information on the Company please visit the Company's website: https://orcadian.energy

Viscous oil

As part of its viscous oil strategy Orcadian has an 18.75% carried interest in the Pilot development project, Pilot was discovered by PetroFina in 1989 and has been well appraised. The field has excellent quality reservoir and has contingent resources of 79 MMbbl of a viscous oil ranging in gravity from 17º API in the South of the reservoir to 12º API in the North. In planning the Pilot development, Orcadian has selected polymer flooding and wind power to transform the production of viscous oil into a cleaner and greener process. Polymer significantly reduces fluid handling requirements and hence energy consumption as well as boosting recovery. Ithaca Energy, operator of the Captain field in the Inner Moray Firth, has enjoyed consistent success in applying polymer flood to the highly analogous Captain field. Following the recent farm-down of Pilot, the project is now under the stewardship of Ping Petroleum UK PLC ("Ping") and is intended to be amongst the lowest carbon emitting oil production facilities in the world.

Orcadian has an 18.75% fully carried interest in licence P2244 (block 21/27a) and a 100% interest in licence P2482 (blocks 28/2a and 28/3a). Ping is operator of P2244 and the Pilot development project. P2482 covers the Elke and Narwhal discoveries which contain 54 MMbbl of contingent resources.

Gas

The SNS licence, P2680 100% Orcadian, contains the Earlham discovery, a low-calorie gas discovery with 114 bcf of methane resources on a P50 basis, the Clover prospect which has P50 prospective resources of 153 bcf, and the decommissioned Orwell field which has redevelopment potential, alongside a number of smaller prospects. Orcadian has established Earlham Gigagrid to provide a vehicle for investment in the Earlham development, power station and datacentre potential, without diluting Orcadian's shareholders' interests in its viscous oil and Central North Sea projects.