Orcadian takes HALO Offshore into its portfolio

UK-headquartered oil and gas player Orcadian Energy has brought into its fold all ordinary shares of HALO Offshore UK (HALO) from the joint liquidators of Hague and London Oil.

Hague and London Oil was formed in 2014 thanks to a combination of Wessex Exploration with a privately-owned company founded by Andrew Cochran and Bill Phelps. In 2021, Viaro Energy acquired the firm’s Dutch portfolio.

According to Orcadian, HALO has held several licenses across the Southern North Sea. The firm, which participated in wells on Pegasus and Andromeda, also held a license over the depleted Schooner field. However, the UK player underlines that HALO does not currently hold any licenses.

Orcadian recently secured binding license agreements with the North Sea Transition Authority (NSTA) for three licenses awarded to the company by the UK regulator as part of the country’s 33rd seaward licensing round.

As a result, the firm had over 228 MMboe of 2C contingent resources and 100 MMboe of prospective resources in high-graded leads and prospects, with around 14 MMbbl connected to the Pilot field.

Orcadian sold the majority of its stake, or 81.25%, in the field to Ping Petroleum in April 2024. The Pilot development project is perceived to be one of the largest undeveloped discoveries in the Central North Sea.

The sale came after the firm disclosed the disposal of its interests in two North Sea discoveries, described as non-core assets, to Rapid Oil Production.