Orcadian Energy has a highly experienced management team that has worked at BP and LASMO among others, and they intend to build the company into a major viscous oil producer.
The cash raised in the placing will help Orcadian to secure a farm-out or find some other way of financing the Pilot field. There are also plans to acquire seismic data. A field development plan is required.
The shares started trading at 42.5p and ended the first week at 41.5p. On the first two days there were 810,54...
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