Orcadian Energy Plc's estimate of Pilot field resources was audited in a CPR by Sproule in 2021 and was included in the Company's Admission Document. Sproule assigned 78.8 MMbbl of 2P reserves to the project, 1P reserves were 58.5 MMbbl and 3P reserves were 110.5 MMbbl. Since listing Orcadian has licensed and, with support from Axis, interpreted newly reprocessed seismic data over Pilot, which resulted in an uplift to the developed area oil-in-place.

TRACS then constructed a range of geological realisations and the Orcadian team ran multiple dynamic reservoir simulations to establish a new range of technically recoverable resources. The multiple geological models were designed to incorporate the full range of heterogeneity that the company see as possible across the Pilot field, and the new full-field reservoir models were then calibrated to the results of polymer core flood experimental results. These models have been tested with a range of possibilities for multiple parameters and from that work the team have derived a statistical range of developed area recovery factors which is highly consistent with the range of recovery factors adopted by Sproule in the CPR.

This convergence provides great confidence in the latest range of resource estimates as the estimates of recovery factor have been arrived at from two entirely different routes: a stochastic reservoir simulation approach (Orcadian management) and by comparison with analogue fields (Sproule). For clarity, these are management estimates, represent gross production from the field, and have not been audited by Orcadian's Competent Person. This resource update is SPE PRMS 2018 system compliant.

The figures quoted are technically recoverable resources before the application of an economic cut-off which is required for the classification of these resources as reserves.