Energy News Today

Orcadian Energy PLC to float in London as it seeks to develop North Sea oil project

“Admission to AIM will give the company access to some of the capital we need to transform our plans into actionable projects,” said chief executive Steve Brown.

Orcadian Energy PLC is to float on London’s AIM market with a £5mln raise which will support the planned development of the Pilot oil field in the North Sea.

The company owns 100% of the Pilot field – host to 78.8mln barrels of proven and probable (2P) reserves – along with a portfolio that also comprises the Elke, Narwhal and Blakeney fields.

According to Orcadian no other company has floated on AIM with more proven and probable reserves since 2006.

Pilot is described as a viscous oil asset and it will be developed in phases, using a polymer flood technique that was successfully deployed by Chevron and Ithaca at the Captain field in the Central North Sea.

Orcadian’s plan is to pursue, in parallel, possible farm-outs to development partners and/or contractor alliances as methods to fund the development project.

Prior funding for the project was secured in 2019 from a subsidiary of .

The company highlighted that it has a low emission development plan which it believes is compatible with the ‘Net Zero’ goals set by the UK’s Oil & Gas Authority.

“Orcadian was founded in 2014 to find the best way to develop the Pilot discovery,” said Steve Brown, Orcadian chief executive.

“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 oilfields. In addition, we have identified further opportunities to reduce emissions to remarkably low levels.”

Brown added: “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 oilfields.”

Read More: Orcadian Energy PLC to float in London as it seeks to develop North Sea oil project

2021-06-09 02:39:00

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