Orcadian Energy is a UK North Sea viscous oilfield developer that listed on the AIM market on 15 July 2021. The company's principal asset, the Pilot viscous oilfield, has been ascribed 78.8 million barrels of proven and probable reserves. We initiate on Orcadian Energy with a fair value estimate of 115p. Our fair value estimate is premised on a crude oil price assumption of $75/b (inflated at 1% p.a.) and the inclusion of 10% of the success-case value of the Pilot viscous oilfield.
