UK: Orcadian Energy announces intention to float on AIM
09 Jun 2021
Orcadian Energy, the North Sea focused, oil and gas development company, has announced its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange. Orcadian is also seeking to raise gross proceeds of c. £5 million to progress its assets.
Key highlights:
Orcadian is seeking Admission to support progress towards the commercialisation of its viscous oil assets located in the UK North Sea.
The Company’s key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8 million barrels (audited by Sproule BV).
Please see SP Angel’s Oil Market outlook for 2021: https://youtu.be/T222JHGzokI
Oil prices continue to rally as the API reported a draw in crude oil inventories of 2.1MMbbls yesterday for the week ending 4 June
Last week, the API reported a draw in oil inventories of 5.4MMbbls after analysts had predicted a draw half that size of 2.1MMbbls
Crude oil inventories have fallen by more than 14MMbbls since the start of this year, according to API data, but are still up 43MMbbls barrels since January 2020
While crude oil inventories fell yet again this week, US oil production fell to an average of 10.8MMbopd for the week ending 28 May, according to the latest data from the Energy Information Administration