Deltic Energy PLC Pensacola Well Operations Commenced (2643H)
November 23 2022 - 2:44AM
UK Regulatory
TIDMDELT
RNS Number : 2643H
Deltic Energy PLC
23 November 2022
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
23 November 2022
Deltic Energy Plc ("Deltic" or "the Company")
Pensacola Well Operations Commenced
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, is pleased to
announce that Shell UK Ltd ("Shell"), the Operator of Licence
P2252, has confirmed that the Maersk Resilient rig has been safely
installed on the Pensacola location and that drilling operations
have now commenced.
Deltic has a 30% working interest in Licence P2252 which is
located in the emerging Zechstein Reef play fairway in the Southern
North Sea. Deltic estimates the Pensacola natural gas prospect to
contain gross P50 Prospective Resources of 309 BCF.
The drilling operations are expected to last between 60 and 90
days and the well has been planned to be plugged and abandoned at
the completion of operations. Deltic will update the market upon
completion of operations.
Graham Swindells, Chief Executive of Deltic Energy,
commented:
"We are excited to have commenced the well operations of our
first exploration well on the Pensacola gas prospect. Pensacola is
a high impact, potentially play opening prospect and represents
what we hope will be the first of many wells as the Company
continues to implement its strategy to identify opportunities and
discover gas to support the UK's energy needs ."
**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
5656
David Hart / Alex Brearley (Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker) Tel: +44 (0) 20 7710
7600
Callum Stewart / Simon Mensley / Ashton
Clanfield
Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 20 7523
Adam James / Gordon Hamilton 8000
Vigo Consulting (IR Adviser) Tel: +44 (0) 20 7390
0230
Patrick d'Ancona / Finlay Thomson / K endall
Hill
About 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.
About Pensacola
Pensacola is a Zechstein Reef prospect located to the north west
of the Breagh gas field in the Southern North Sea. Deltic estimates
the prospect to contain gross P50 Prospective Resources of 309 BCF,
with a 55% geological chance of success, which will rank Pensacola
as one of the highest impact exploration targets to be drilled in
the gas basin in recent years.
Glossary of Technical Terms
BCF : Billion Cubic Feet of gas
geological chance of success: for Prospective Resources, means
the chance or probability of
discovering hydrocarbons in
sufficient quantity for them
to be tested to the surface.
This, then, is the chance or
probability of the prospective
resource maturing into a contingent
resource. Prospective Resources
have both an associated chance
of discovery (geological chance
of success) and a chance of
development (economic, regulatory,
market and facility, corporate
commitment and political risks).
The chance of commerciality
is the product of these two
risk components. These estimates
have been risked for chance
of discovery but not for chance
of development
---------------------------------------
Prospective Resources: 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
---------------------------------------
P50: a 50% probability that a stated
volume will be equalled or exceeded
---------------------------------------
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.
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