By Sabela Ojea

 

Shares in Deltic Energy PLC on Monday rose after the company said that it has made a positive well investment decision to drill the Pensacola prospect on license P2252 in the U.K. Southern North Sea with its joint venture partner Shell U.K. Ltd.

The London-listed energy company said Shell U.K. Ltd is the operator of the license P2252, adding that the drilling of the well on Pensacola has the potential to be transformational for Deltic.

"The drilling [...] is also a vital step in evaluating the highly prospective Zechstein reef play which in turn has the potential to revitalize exploration in the Southern North Sea," it added, noting that Shell U.K. expects the well to be drilled in May 2022.

Shares at 0740 GMT were up 0.20 pence, or 12%, at 1.88 pence.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

March 29, 2021 04:00 ET (08:00 GMT)

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