North Sea-focused oil and gas development company Orcadian Energy said on Wednesday it intends to list on London’s junior AIM market.

Orcadian is seeking to raise about £5 million ($7 million) to develop its assets, which include a 100% interest in the Pilot field.

The initial public offering is planned for around the end of this month.

Pilot contains proven and probable reserves of 78.8 million barrels of viscous heavy crude.

Orcadian said it believed that no other company has undertaken an initial public offering on AIM with more proven and probable reserves since 2006.

Chief executive Steve Brown said: “Admission to AIM will give the company access to some of the capital we need to transform our plans into actionable projects.

"We look forward to welcoming new investors as we progress this next phase of development of our North Sea oilfields.”

Orcadian was previously called Pharis Energy. It was founded as the Steam Oil Production Company in 2014 and, as that name suggested, was focused on attempting to deploy technology using super-heated water to recover the Pilot field's viscous oil.

However, it has since changed tack to what it reckons will be a more profitable development plan using polymer injection technology.

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