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Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources

30 September 2022

Deltic Energy Plc ("Deltic" or "the Company")

Result of Open Offer

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, announces the results of the Open Offer pursuant to the Placing, Subscription and Open Offer announced on 12 September 2022.

The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 27,395,708 Open Offer Shares.

All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full and excess entitlements. Accordingly, the Open Offer has conditionally raised total gross proceeds of approximately £0.96 million, with a total of £15.96 million having been conditionally raised via the Placing, Subscription and Open Offer.

The issuance of the 455,967,137 New Ordinary Shares pursuant to the Placing, Subscription and Open Offer is subject to and conditional on the passing of the Resolutions at the General Meeting to be held later today.

Upon Admission, the total number of Ordinary Shares in issue and voting rights in the Company will be 1,861,931,992. The Company does not hold any shares in treasury.

The above figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms in this announcement shall have the same meaning as in the announcement made by the Company on 12 September 2022 unless the context requires otherwise.

Graham Swindells, Chief Executive of Deltic Energy, commented:

"I am very pleased to report that, subject to shareholder approval, we will have raised funding of approximately £16 million, which is an excellent result for the Company and means that the Company is funded for both Selene and Pensacola. We are very grateful to our shareholders for their continued support and we are excited about the next phase of our development, particularly as we are about to drill our first well with Shell on the Pensacola gas prospect."

**ENDS**

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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.