Orcadian Energy shares bounced 19% higher on Thursday after announcing a promising update on the status of its three licence awards in the 33rd Seaward Licensing Round.
Orcadian and the North Sea Transition Authority have now entered into binding licence agreements for all three of its licence awards.
"We are really pleased to have the licence agreements in place for these three new projects. As a result, we estimate that our contingent resource base has grown to 228 MMboe with our un-risked prospective resource base now 100 MMboe,” said chief executive Steve Brown.
"Orcadian is no longer a one-trick pony,” he added. “We have multiple pathways to success and to deliver future value to our shareholders.
“The Earlham project, in particular, demonstrates that our industry is capable of finding ways to exploit our natural endowment of hydrocarbons to deliver real energy security and emissions reductions."
Shares in the group were swapping for 10.75p in early Thursday trades.