Deltic Energy PLC P2252 Licence Update (3081E)
05 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMDELT
RNS Number : 3081E
Deltic Energy PLC
05 November 2020
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 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
5 November 2020
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
Deltic Energy Plc
("Deltic" or "the Company")
P2252 Licence Update and confirmation of drilling schedule
Deltic Energy Plc, the AIM-quoted natural resources investing
company with a high impact exploration and appraisal portfolio
focused on the Southern and Central North Sea, provides an update
on activity relating to Licence P2252 which contains the Pensacola
Prospect ("the Licence").
-- Shell UK ("Shell" or "the Operator"), has reiterated its
commitment to the drilling of the Pensacola well
-- The Pensacola well remains on schedule for drilling in 2021
-- Well planning, including design work and rig scoping has already begun
-- In light of the current operating environment resulting from
Covid-19, the Operator has been granted a short extension (to end
March 2021) which will allow seismic data analysis to be fully
completed before the final drilling decision is made
Deltic is pleased to report that Shell, in its capacity as
Operator of the Licence, has reiterated to Deltic and the UK Oil
and Gas Authority, its plan to drill the high impact, play opening
Pensacola Prospect on Licence P2252 and that it remains scheduled
to be drilled in Q4 2021.
A significant amount of technical work has been and continues to
be undertaken by the Shell/Deltic Joint Venture ("the JV").
Following the 3D seismic which was shot over the licence last year,
the JV is pleased to confirm that the seismic processing completed
to-date and interpretations of the available data have demonstrated
a robust image over Pensacola, which supports the prospectivity
originally recognised by the JV at the time of the farm-in
agreement.
This progress has allowed well planning on Pensacola to
commence. Well design work is underway and competitive scoping of
the exploration well is in the process of being completed.
Covid-19 has impacted the work schedule of the seismic
processing; in particular the logistical restrictions which have
affected the JV's ability to analyse the seismic data together. One
aspect of this has been the identification of the presence of chalk
at the seabed in a small section in the north of the seismic
dataset and, while this has no material impact on the reservoir, it
requires more intensive seismic processing to improve image
resolution. Accordingly, the Operator, has requested and the UK Oil
and Gas Authority has granted a short extension to the date by
which the Contingent Well Commitment becomes a Firm Well Commitment
until 31 March 2021. The well remains scheduled to be drilled in Q4
2021.
The additional processing being carried out by Shell will
further de-risk the Pensacola prospect, help refine the range of
volumes and exact well location and is a key enabler of Shell's
internal approval processes. Other workflows including refinement
of recoverable gas resources, analogue studies, detailed well
engineering and development options are continuing in parallel with
this additional seismic processing work, which will support the
ongoing well planning process. Shell will continue to carry 100% of
Deltic's costs until the well investment decision is made.
Graham Swindells, Chief Executive of Deltic Energy,
commented:
"I am very happy to report Shell's continued commitment to
explore for gas with us at the high impact Pensacola Prospect and
that the well remains on track to be drilled in 2021. The
additional time granted will allow final work to be completed to
ensure we get the best placed, best designed well to test this
prospect - our work has only increased our excitement for a North
Sea play that is proven in many parts of Europe. Despite the
challenging times, the rigorous technical work means Pensacola has
moved into well design and planning, while at the same time we have
recently been provisionally awarded a series of new licences
including the drill-ready Cadence Prospect in order to continue
executing our strategy of building a 'conveyer belt' of North Sea
exploration opportunities."
**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 Tel: +44 (0) 20 3328
(Nominated Adviser & Joint Broker) 5656
David Hart / Alex Brearley / Asha Chotai
(Corporate Finance)
Kelly Gardiner (Equity Sales)
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710
(Joint Broker) 7600
Callum Stewart / Simon Mensley / Ashton
Clanfield
Vigo Communications Tel: +44 (0) 20 7390
(PR & IR Adviser) 0230
(PR & IR Adviser)
Patrick d'Ancona / Chris McMahon / Simon
Woods
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