Deltic Energy PLC Positive Well Investment Decision on Pensacola (7142T)
29 Marzo 2021 - 12:00AM
UK Regulatory
TIDMDELT
RNS Number : 7142T
Deltic Energy PLC
29 March 2021
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.
29 March 2021
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
Deltic Energy Plc ("Deltic" or "the Company")
Positive Well Investment Decision on Pensacola
Deltic Energy Plc is pleased to confirm that it and Shell U.K.
Limited ("Shell" or "the Operator"), its Joint Venture Partner on
Licence P2252, have made a positive well investment decision to
drill the high impact Pensacola Prospect on Licence P2252 in the UK
Southern North Sea. Shell and Deltic have subsequently confirmed to
The Oil and Gas Authority that the contingent well commitment is
now firm.
The drilling of this key well on Pensacola has the potential to
be transformational for Deltic and is a vital step in evaluating
the highly prospective Zechstein reef play which in turn has the
potential to revitalise exploration in the Southern North Sea.
Following re-interpretation of the new 3D seismic data acquired
over the prospect, Deltic estimates that the Pensacola Prospect
contains gross P50 Prospective Resources of 309 BCF (with a P90-P10
range of 39 BCF to 1,181 BCF) which will rank Pensacola as one of
the highest impact exploration targets to be drilled in the gas
basin in recent years. Significantly, the Shell/Deltic JV's ("the
JV") new interpretation of the 3D seismic data has also resulted in
a much-improved view of the geological chance of success associated
with the prospect which has increased materially from 20% to
55%.
The Operator expects the well to be drilled in May 2022 and this
timing allows the JV to take advantage of a drilling unit that will
be contracted by Shell as part of a multi well drilling campaign
which in turn brings advantageous day rates and operational
efficiencies for the JV. Deltic remains fully funded for its 30%
working interest in the well.
The Deltic team looks forward to continuing to work with Shell
as the JV continues to mature the well design and undertake key
preparatory works including well site survey and regulatory
permitting.
Graham Swindells, Chief Executive of Deltic Energy,
commented:
"Confirmation of this well investment decision represents the
achievement of another key milestone as we continue to execute our
exploration-led strategy in the Southern North Sea with our world
class partner, Shell. The rigorous re-evaluation of the Pensacola
Prospect has validated and reinforced the fantastic work of our
technical team and their initial view that the Pensacola prospect,
and the Zechstein play as a whole, represented a significant missed
opportunity in the Southern North Sea. Well planning is already
underway, and we look forward to providing regular updates as we
progress through the planning phase towards the commencement of
operations, in addition to continuing to mature our other
prospects, including Selene, towards drilling."
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
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328
& Joint Broker) 5656
David Hart / Alex Brearley (Corporate Finance)
Kelly Gardiner (Sales and Corporate Broking)
Stifel Nicolaus Europe Limited (Joint Broker) Tel: +44 (0) 20 7710
7600
Callum Stewart / Simon Mensley / Ashton
Clanfield
Vigo Communications (PR Adviser) Tel: +44 (0) 20 7390
0230
Patrick d'Ancona / Chris McMahon / Simon
Woods
Glossary of Technical Terms
BCF: Billion Cubic Feet of gas
P rospect i ve Res o urces: Estimated volumes associated with
undiscovered 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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