Hill Dickinson advises Orcadian Energy plc on admission to London Stock Exchange's AIM market and £3m placing

Hill Dickinson’s London Corporate team has recently advised Orcadian Energy plc on the admission of its entire issued share capital to trading on AIM of London Stock Exchange.

Alongside admission, Hill Dickinson also advised on a placing for new ordinary shares, raising gross proceeds of £3 million from new and existing institutional investors.

Orcadian’s shares were admitted to trading on 15 July 2021, with the ticker ‘AIM:ORCA’ and a market capitalisation on admission of £25 million. Further information on Orcadian Energy can be found on the company’s website.

Orcadian Energy was established in early 2014 by petroleum engineers and geologists. The company has four licences, three of which lie 150km due east of Aberdeen and just west of the Gannet field and the Anasuria and Triton FPSOs, in an area known as the Western Platform. These licences are rich in resources and highly prospective, sixteen of seventeen wells (and sidetracks) drilled on its blocks have encountered oil. Orcadian has focused on viscous oil development opportunities in the Central North Sea

The Hill Dickinson team was led by corporate legal director Francois de Lange, with support from associates Amy Grosvenor and Emily Rawlins and paralegals Sanne Gerdsen and Mariam El Mir. 

Steve Brown, chief executive of Orcadian, said: “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”.