- North Sea focused oil company Orcadian Energy said it planned to float on the London stock exchange via a £5 million initial public offering.

The company's key asset is a 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8 million barrels.

'Orcadian was founded in 2014 to find the best way to develop the Pilot discovery,' chief executive Steve Brown said.

'Since then, we have added to our resource base, but most importantly we have created a technically mature, feasible development plan for Pilot, based upon the injection of polymerised water right from the start of production.'

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