Orcadian Energy Announces Result of Placing

Source: www.gulfoilandgas.com 6/30/2022, Location: Europe

Orcadian Energy Plc is pleased to announce that, further to its announcement of 7 a.m. (London time) today, it has successfully completed and closed the Placing. The Placing has raised, in aggregate, gross proceeds of £ 1m through the placing of 2,857,143 Ordinary Shares (the "Placing Shares") to certain institutional and other investors at a price of 35 pence per share.

The net proceeds of the Placing will be applied towards:
· Licence Fees;
· On its Pilot Licence by funding progress towards the Field Development Plan; and
· For general working capital purposes.

Commenting on the transaction, Steve Brown, Orcadian's CEO, said:
"We are very pleased to have concluded this fund raising which enables the Company to deliver our planned work programme as well as progress the previously announced farm-out process towards completion. Pilot is one of the top five development projects on the UKCS, with 79MMbbls of 2P reserves. We believe the immediate investment allowance, included in the Energy Profits Levy, has transformed the attractiveness of domestic oil and gas projects for companies extracting oil and gas in the UK and it should spark further investment in the North Sea. We look forward to providing further updates on the outcome of our discussions with potential industry partners."

The participation of Alan Hume in the Placing is a related party transaction for the purpose of Rule 13 of the AIM Rules for Companies. The directors of the Company (excluding Alan Hume, as the related party) consider, having consulted with WH Ireland Limited, the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.

Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 2,857,143 Placing Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Placing Shares commence on AIM at 8.00 a.m. on 6 July 2022 (or such later date as may be agreed between the Company and the Joint Bookrunners, but no later than 29 July 2022).

The Placing Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 66,612,317 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Company's Articles.

Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in the Company's announcement made at 7 a.m. on 29 June 2022, unless the context requires otherwise.

The notifications set out below are provided in accordance with the requirements of the Market Abuse Regulation.

United Kingdom >>  8/12/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
· Issue price of A$0.009 per share represents a 18.2% dis...

Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...

Bermuda >>  8/11/2022 - The Board of Directors of Borr Drilling Limited has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of...
Bermuda >>  8/11/2022 - Teekay Corporation announced that its Board of Directors has authorized a share repurchase program for the repurchase of up to $30 million of the Comp...

Canada >>  8/11/2022 - Frontera Energy Corporation has taken up and paid for 5,416,666 of its outstanding common shares (the "Shares") at a price of $12.00 per Share (the "P...
Chile >>  8/11/2022 - Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology are pleased to announce the closing of approximately USD$360 milli...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.