Orcadian Energy (LON:ORCA) Stock Price Up 13% – Here’s What Happened

Orcadian Energy Plc (LON:ORCA)’s share price rose 13% during trading on Thursday . The stock traded as high as GBX 13.28 and last traded at GBX 13.28. 429,040 shares changed hands during mid-day trading, an increase of 232% from the average session volume of 129,423 shares. The stock had previously closed at GBX 11.75.

Orcadian Energy Price Performance

The company has a debt-to-equity ratio of 172.81, a current ratio of 0.12 and a quick ratio of 3.06. The stock has a market cap of £10.51 million, a price-to-earnings ratio of -11.54 and a beta of -2.29. The stock’s 50 day simple moving average is GBX 13.27 and its two-hundred day simple moving average is GBX 15.23.

About Orcadian Energy

Orcadian’s strategy is to secure discovered resources at low cost and to transform those resources into reserves and onto production

The Pilot field is our key asset. The field is well appraised and ready for development, Orcadian has selected, as the very best development concept, a low salinity polymer flood with two wellhead platforms, a dedicated FPSO, and a floating wind turbine.

Pilot is very well appraised with high quality modern 3D seismic and seven reservoir penetrations. The field has 79mmbbls of proven plus probable reserves, based upon the low salinity polymer flood development plan described in the concept select report submitted to the OGA in September of 2020.