Orcadian Energy has raised gross £350,000 via issuing 2,916,666 new ordinary shares each of £0.12 of the company. The fundraise, part of a direct subscription with new investors, is at a discount of approximately 14% to the closing mid-price of an ordinary share in the company on 29 September 2023. Proceeds will go towards working […]
Tag: Pilot oil field
Orcadian agrees non-binding 81.25% farm-out for Pilot
Orcadian Energy plc has agreed a non-binding, 81.25% farm-out with an as yet unnamed North Sea operator for the potential development of the Pilot project. TERMS The company, which now holds £90,000 and six months to repay $1m million to Shell, has granted the operator an exclusive period until 30 November 2023 to complete the […]
Orcadian agrees more time to repay £1m loan to Shell
Orcadian Energy plc has secured an extension to the repayment date of its $1 million loan plus interest to Shell International Trading and Shipping Company Ltd (Stasco). PILOT FIELD The deadline for repayment has been extended from today to 13 September 2023. Orcadian, which currently holds £95,000, said it was in discussions with Stasco for […]
Orcadian mulls sale of Pilot oil licence
Orcadian Energy plc could sell the Pilot oil licence with the company’s finances “severely constrained” and a £1m debt to Shell due at the end of August. DISCUSSIONS The company, which also still needs to raise new finance in the short term for working capital, held £97,000 at end of July 2023. “A number of […]
Orcadian focuses on funding and farm-in for Pilot
Orcadian Energy plc said its main aim for 2023 was to find a partner and new investors to develop the Pilot oil field in the central North Sea. FINANCES In its unaudited results for H1 2022, the company added it planned to improve the technical and commercial definition of Pilot’s development as well as maximise […]
Orcadian raises £500,000 via discounted placing
Orcadian Energy plc raised £500,000 via a discounted placing of new ordinary shares tocertain institutional and other investors at 10 pence per share. DISCOUNT The placing on 1 February, conducted by way of an accelerated bookbuild process, was at a discount of approximately 33% to the closing price of 15 pence per ordinary share on […]