Deltic Energy PLC Licence P2428 -- Completion of 3D Seismic Survey (1775T)
November 23 2021 - 1:59AM
UK Regulatory
TIDMDELT
RNS Number : 1775T
Deltic Energy PLC
23 November 2021
23 November 2021
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
Deltic Energy Plc ("Deltic" or "the Company")
Licence P2428 - Completion of 3D Seismic Survey
Deltic Energy Plc, the AIM quoted natural resources investing
company with a high impact, natural gas focussed exploration and
appraisal portfolio in the Southern North Sea, is pleased to
announce that the 3D seismic survey over Licence P2428 and
surrounding areas has now been completed.
Following the announcement of Deltic's farm-out agreement with
Cairn Energy PLC ("Cairn") on 12 August, the Company announced the
commencement of the 3D seismic survey over Licence P2428 on 10
September 2021. The seismic vessel, under contract to ION
Geophysical, was mobilised to site to acquire approximately
680km(2) of new 3D seismic data over the Plymouth Zechstein Reef
prospect and surrounding areas on Licence P2428. Acquisition of the
3D seismic data was completed on 21 November and the vessel will
now be demobilised back to its home port.
The data collected will now be processed by ION to pre-stack
depth migration ('PSDM') with the final results expected to be
delivered in Q2 2022.
Under the farm-out agreement, Cairn is responsible for 100% of
the costs of the seismic acquisition, processing and associated
work programmes up to the point at which a positive well investment
decision is made.
Following the completion of the farm-out with Cairn, Deltic now
holds a 40% non-operated interest in Licence P2428. The licence
contains the key Plymouth prospect, a large Zechstein carbonate
build-up, which is analogous to Deltic's Pensacola Prospect and the
Crosgan discovery.
Further upside on the block is associated with the Cupertino and
Richmond prospects which will also be further evaluated using the
newly acquired 3D seismic data.
Graham Swindells, Chief Executive of Deltic Energy,
commented:
" Successfully completing the acquisition of this new 3D seismic
data represents another important step forward as we further
progress this highly prospective licence with Cairn towards future
drilling. The results of this high quality modern 3D seismic survey
are expected to significantly enhance our understanding of the
multiple gas prospects on P2428 and will be key to de-risking
future drilling on this licence."
**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 Consulting (IR Adviser) Tel: +44 (0) 20 7390
0230
Patrick d'Ancona / Chris McMahon / Oliver
Clark
Notes to Editors
Deltic Energy Plc
Deltic has created a strategically located portfolio of
high-quality gas exploration licences in the Southern North Sea
over a number of licensing rounds. These licences are located in
areas that have been underexplored despite significant discoveries
such as Tolmount, Breagh, Pegasus and Cygnus, most of which have
gone on to be developed and could provide ready access to export
infrastructure for any future developments on Deltic's licence
acreage.
Licence P2428 (Cupertino Area)
The P2428 licence area was awarded in the UK's 30(th) Offshore
Licensing Round and contains multiple prospects and leads at
different geological levels. The key prospect identified by Deltic
is the Plymouth Prospect, a large Zechstein carbonate build-up,
which is analogous to Deltic's Pensacola Prospect and the Crosgan
discovery. Other prospects have been identified in the Leman
Sandstone (Richmond) and the Carboniferous sections (Cupertino).
The area is currently imaged on legacy 2D seismic data dating back
to the early 1990s and the new 3D seismic has been acquired to
support a well investment decision on this licence.
Deltic holds a 40%. interest in Licence P2428. Cairn (60%) is
now operator and is paying 100% of the costs of an agreed forward
work programme (which includes the acquisition, processing and
interpretation of the new 3D seismic data) up to the date on which
a well investment decision is made.
Subject to P2428 being the first licence on which a well
investment decision is made, Cairn will fund 70% of the costs of
the first exploration well drilled, subject to gross well cost cap
of USD$25 million.
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