TIDMORCA
RNS Number : 2812F
Orcadian Energy PLC
15 July 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY JURISDICTION WHERE
IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. FURTHER, THIS
ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION TO BUY,
SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY ORDINARY SHARES OF ORCADIAN
ENERGY PLC (THE "COMPANY") IN ANY JURISDICTION IN WHICH ANY SUCH
OFFER OR SOLICITATION WOULD BE UNLAWFUL.
15 July 2021
Orcadian Energy plc
("Orcadian Energy", "Orcadian" or the "Company")
Admission to Trading on AIM and First Day of Dealings
Orcadian Energy (AIM: ORCA), the North Sea focused, oil and gas
development company, announces the admission ("Admission") of its
entire issued and to be issued ordinary share capital to trading on
the AIM Market of the London Stock Exchange ("AIM"). Admission will
occur at 8.00 a.m. today, under the ticker "ORCA" and ISIN
GB00BN0TY502.
Key Highlights:
-- The Placing of the New Shares raised gross proceeds of GBP3 million for the Company
-- Based on the Placing Price of 40p, the market capitalisation
of the Company will be approximately GBP25.5 million at
Admission
-- The Company will have 63,630,174 Ordinary Shares in issue and
a free float of approximately 34 per cent
-- For the purposes of the Disclosure Guidance and Transparency
Rules, the total number of ordinary shares with voting rights in
the Company with effect from 15 July 2021 will be 63,630,174
-- The proposed use of proceeds from Admission will be applied to:
o Progress the Pilot oilfield (100% Orcadian) towards Field
Development Plan; including an FPSO market approach with
Crondall;
o Purchase of recently reprocessed 3D seismic and interpretation
thereof on the Bowhead Prospect;
o Ongoing licence fees for the licences held by the Group;
o To progress appraisal work on other licences held in the
Group; and
o For working capital purposes.
-- The Company's ISIN is GB00BN0TY502 and its SEDOL is BN0TY50
-- WH Ireland Limited ("WH Ireland") is acting as Sole Broker
and Nominated Adviser in relation to the Admission.
The Company's Admission Document can be found on its website:
www.orcadian.energy .
Investor Presentation
Orcadian is also pleased to announce that Steve Brown, CEO and
Alan Hume, CFO will provide a live presentation via the Investor
Meet Company platform on 21(st) July 2021 at 12:00pm BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9am the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet Orcadian Energy plc via:
https://www.investormeetcompany.com/orcadian-energy-plc/register-investor
Investors who already follow Orcadian Energy plc on the Investor
Meet Company platform will automatically be invited.
Steve Brown, CEO of Orcadian commented:
"Our Admission to AIM is an important next step in Orcadian's
development. We look forward to welcoming our new shareholders and
providing updates as our work programme advances."
Contact:
Orcadian Energy plc + 44 20 7920 3150
Steve Brown, CEO
Alan Hume, CFO
-------------------------
WH Ireland (Nomad and Sole Broker) +44 20 7220 1666
-------------------------
Harry Ansell / Fraser Marshall (Corporate
Broking)
Katy Mitchell / James Sinclair-Ford / Lydia
Zychowska
(Nomad)
-------------------------
Tavistock (PR) + 44 20 7920 3150
-------------------------
Nick Elwes orcadian@tavistock.co.uk
Simon Hudson
Matthew Taylor
-------------------------
About Orcadian Energy
Orcadian Energy (CNS) Ltd ("CNS"), Orcadian's operating
subsidiary, was founded in 2014 and is the sole licensee of P2244,
which contains 78.8 MMbbl of 2P reserves in the Pilot discovery,
and of P2320 and P2482, which contain a further 77.8 MMbbl of 2C
contingent resources in the Elke, Narwhal and Blakeney discoveries
(as audited by Sproule, see the CPR in the Company's Admission
Document for more details). Within these licences there are also
191 MMbbl of unrisked prospective resources. These licences are in
blocks 21/27, 21/28, 28/2 and 28/3, and lie 150 kms due East of
Aberdeen. The Company also has a 50% working interest in P2516,
which contains the Fynn discoveries. P2516 is administered by the
Parkmead Group and covers blocks 14/20g and 15/16g, which lie
midway between the Piper and Claymore fields, 180 kms due East of
Wick.
Pilot, which is the largest oilfield in Orcadian's portfolio was
discovered by Fina in 1989 and has been appraised by five wells
with seven separate formation reservoir penetrations, including a
relatively short horizontal well which produced over 1,800 bbls/day
on test.
Forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements may be iden ti fied by the use of forward-looking
terminology, including the terms "believes", "estimates", "an ti
cipates", "expects", "intends", "plans", "may", "will" or "should"
or, in each case, their nega ti ve or other varia ti ons thereon or
comparable terminology. All statements other than statements of
historical fact included in this announcement are forward-looking
statements. They appear in a number of places throughout this
announcement and include statements regarding the Directors' or the
Group's inten ti ons, beliefs or current expecta ti ons concerning,
among other things, its operating results, financial condition,
prospects, growth, expansion plans, strategies, the industry in
which the Group operates and the general economic outlook.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and therefore
are based on current beliefs and expectations about future events.
Forward-looking statements are not guarantees of future
performance, and the Group's actual opera ti ng results and
financial condition, and the development of the industry in which
it operates may differ materially from those made in or suggested
by the forward-looking statements contained in this announcement.
In addition, even if the Group's operating results, financial
condition and liquidity, and the development of the industry in
which the Group operates are consistent with the forward- looking
statements contained in this announcement, those results or
developments may not be indicative of results or developments in
subsequent periods. Accordingly, prospective investors should not
rely on these forward-looking statements.
These forward-looking statements speak only as of the date of
this announcement. The Company and W H Ireland expressly disclaim
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard
thereto, any new information or any change in events, conditions or
circumstances on which any such statements are based, unless
required to do so by law or any appropriate regulatory
authority.
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END
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