Orcadian Energy (LON:ORCA) Shares Up 13% – Should You Buy?

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

Orcadian Energy Price Performance

The stock’s 50-day moving average is GBX 13.27 and its 200-day moving average is GBX 15.23. The firm has a market cap of £10.51 million, a P/E ratio of -11.54 and a beta of -2.29. The company has a quick ratio of 3.06, a current ratio of 0.12 and a debt-to-equity ratio of 172.81.

Orcadian Energy Company Profile

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.