Orcadian plans biggest UK oil and gas IPO on AIM
Stephen Brown, CEO and Joe Darby, chairman
Orcadian Energy, the North Sea focused, oil and gas development company, is launching what it believes is the largest UK-focused oil and gas IPO on the Alternative Investment Market since the junior exchange was launched in 1995.
The company intends to raise gross proceeds of c.£5 million in the flotation planned for the end of this month.
Its key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8 million barrels.
The directors believe that no other company has undertaken an IPO on AIM with more proven and probable reserves since 2006.
Plans involve development of the Pilot Oilfield and the company’s other key discoveries Elke, Narwhal and Blakeney, using a polymer flood approach.
There is also potential for other prospects within the group’s licence areas to be developed using the same method (such as Bowhead and the Elke satellites) if future drilling successfully confirms their suitability.
Polymer flooding is an established development technique for viscous oil assets which has been proven offshore on the Captain field in the Central North Sea by Chevron and Ithaca.