Orcadian Energy today announced its intention to raise gross proceeds of approximately £0.5 million by means of a placing of new Ordinary Shares to certain institutional and other investors at a price of 10 pence per share.

The Placing Price represents a discount of approximately 33 per cent. to the Closing Price of 15  pence per Ordinary Share on 31 January 2023, being the latest practicable business day prior to the publication of this Announcement.

The Placing is to be conducted by way of an accelerated bookbuild process which will commence immediately following this Announcement.

Placing Summary

• Placing to raise approximately £0.5m (before expenses) through the issue of approximately 5,000,000 Placing Shares at the Placing Price.
• Placing to be conducted via an accelerated bookbuild process launching today.
• The Placing Shares, assuming full take-up of the Placing, will represent approximately 7 per cent. of the Enlarged Issued Share Capital.
• The net proceeds of the Placing will be applied to deliver the Company's work programme as further detailed below, and for working capital purposes.

KeyFacts Energy: Orcadian Energy UK country profile