By Jaime Llinares Taboada

Shares in Deltic Energy PLC rose Tuesday morning after it said partner Shell PLC has decided to drill the Selene gas prospect in the U.K. North Sea.

The oil-and-gas company, which holds a 50% interest in the license, said Shell will be appointed operator of the project.

Deltic estimates that Selene contains 318 billion cubic feet of prospective gas resources with a geological chance of success of 70%.

Shares in Deltic at 0736 GMT were up 7.1% at 3.00 pence.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

July 26, 2022 03:53 ET (07:53 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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