North Sea oil field firm Orcadian to raise millions in stock market flotation
The firm, whose key asset is a 100 per cent interest in the Pilot oil field, intends to raise £5 million through an initial public offering (IPO) in London.
Chief executive Steve Brown said the business would look to list on the Alternative Investment Market (Aim) by the end of this month.
He said: “Orcadian was founded in 2014 to find the best way to develop the Pilot discovery. Since then, we have added to our resource base, but most importantly we have created a technically mature, feasible development plan for Pilot, based upon the injection of polymerised water right from the start of production.
“Polymer flooding is well proven and, when implemented early in field life, can significantly reduce emissions from viscous oil fields. In addition, we have identified further opportunities to reduce emissions to remarkably low levels.
“Admission to Aim will give the company access to some of the capital we need to transform our plans into actionable projects. We look forward to welcoming new investors as we progress this next phase of development of our North Sea oil fields.”
The company plans to develop, in phases, the Pilot field – comprising Pilot Main and Pilot South – and its other key discoveries, Elke, Narwhal and Blakeney, using the polymer flood approach.
Orcadian noted: “The directors believe that no other company has undertaken an IPO on Aim with more proven and probable reserves since 2006.”
Previous initial funding was received by the firm from Shell Trading International in 2019.
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