What version of Elements and the Camera Raw plug-in do you have? Use Help / About Elements and Help / About Plug-in / Camera Raw to find out.
Elements is version 11.0 (20120830 r. 32025) and Camera Raw Plugin is 18.104.22.168.
According to Adobe's supported-camera list, you need at least ACR 8.1, so 7.4 is too old:
According to Adobe's Camera Raw list, Elements 11 only works up to ACR 8.0:
So you have to buy PSE12 or use the free DNG Converter to convert the ORFs to DNGs that will then have enough information in them to open in your older Elements version. You can download the latest DNG Converter near the top of this page:
If you need an older version due to your OS being too old, then you can download older versions from the DNG Converter section further down the page but make sure you use at least DNG Converter 8.1.
Great, I'll give this a go. Thanks so much for your help - really appreciate it.