Deltic Energy PLC Positive Well Investment Decision on Selene (6808T)
26 Julio 2022 - 1:00AM
UK Regulatory
TIDMDELT
RNS Number : 6808T
Deltic Energy PLC
26 July 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018 ("UK MAR") . With the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
26 July 2022
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
Deltic Energy Plc ("Deltic" or "the Company")
Positive Well Investment Decision on Selene
Deltic Energy Plc is pleased to confirm that it and Shell U.K.
Limited ("Shell"), its Joint Venture Partner on Licence P2437 (the
"Licence"), have made a positive well investment decision to drill
the high impact Selene Gas Prospect on Licence P2347 situated in
the UK Southern North Sea off the North East coast of England.
The UK industry's regulator (North Sea Transition Authority) has
been informed of the well investment decision which will facilitate
the Licence entering its next phase. While the timing of a well
slot has yet to be confirmed and will be subject to drilling
schedules, this is expected to be firmed up as the Joint Venture
progresses its well planning.
Under the terms of the original farm-out with Shell, Deltic
holds a 50% working interest in the Licence but will be carried for
75% of the costs of drilling and testing the well on the Selene
prospect, up to $25 million and, as a result of the well investment
decision, Shell will be appointed Operator of the Licence.
The Selene Prospect is one of the largest unappraised structures
in the Leman Sandstone fairway of the Southern Gas Basin and Deltic
estimates Selene to contain gross P50 Prospective Resources of 318
BCF of gas (with a P90 to P10 range of 132 to 581 BCF) with a
geological chance of success of 70%.
With technical and commercial evaluation complete, the Deltic
team looks forward to progressing into this next phase as the Joint
Venture now moves on to detailed well design, planning, rig
procurement and other key preparations to support drilling
operations.
Graham Swindells, Chief Executive of Deltic Energy,
commented:
"This is a very exciting time for Deltic as we move into the
next phase of our strategy, building on the strong platform created
by farm outs to both Shell and Capricorn. The commitment to drill
this material, high impact, low risk gas prospect is another highly
significant milestone for Deltic and our team. Adding another
committed well to our programme, following recent confirmation that
Pensacola will be drilled in September, represents further
endorsement of the quality of Deltic's assets as well as
demonstrating the success of our strategy to create a conveyor belt
of exploration opportunities moving from licensing to drilling with
world-class partners in place."
Qualified Person's statement
Andrew Nunn, a Chartered Geologist and Chief Operating Officer
of Deltic Energy Plc, is a "Qualified Person" in accordance with
the AIM Note for Mining, Oil and Gas Companies of the London Stock
Exchange. Andrew has reviewed and approved the information
contained within this announcement.
**ENDS**
For further information please contact the following:
Deltic Energy Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn / Sarah McLeod
Tel: +44 (0) 20 3328
Allenby Capital Limited (Nominated Adviser 5656
& Joint Broker)
David Hart / Alex Brearley (Corporate Finance)
Kelly Gardiner (Sales and Corporate Broking)
Tel: +44 (0) 20 7710
Stifel Nicolaus Europe Limited (Joint Broker) 7600
Callum Stewart / Simon Mensley / Ashton
Clanfield
Vigo Consulting (PR Adviser) Tel: +44 (0) 20 7390
0230
Patrick d'Ancona / Finlay Thomson / Kendall
Hill
Glossary of Technical Terms
BCF: Billion Cubic Feet of gas
P rospect i ve Estimated volumes associated with undiscovered
Res o urces: accumulations. These represent quantities of
petroleum which are estimated, as of a given
date, to be potentially recoverable from oil
and gas deposits identified on the basis of
indirect evidence but which have not yet been
drilled.
P90: a 90% probability that a stated volume will
be equalled or exceeded
P50: a 50% probability that a stated volume will
be equalled or exceeded
P10: a 10% probability that a stated volume will
be equalled or exceeded
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