Orcadian Energy PLC - North Sea-focused oil and gas development company - Raises £500,000 from a placing of 5.0 million shares priced at 10p each. The placing shares price represents a discount of 33% to the closing price of 15p per share on January 31. Orcadian says the proceeds will help fund licence fees and progress its field development plan. Chief Executive Officer Steve Brown says: ‘The funds raised, through our oversubscribed fund raise, will enable us to further progress Pilot towards field development plan as well as advance the farm out process that we have commenced, delivering the value that we believe is inherent in the project.’

Orcadian says its Pilot project is moving towards approval and will be amongst the ‘lowest carbon emitting oil production facilities in the world’.

Current stock price: 11.00 pence each, down 27% on Wednesday around midday in London

12-month change: down 74%

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