Replacement: Result of Open Offer

The following amendment has been made to the Result of Open Offer announcement originally released at 07:00 on 30 September 2022 under RNS No. 2596B.

At the end of the amended announcement, a bold paragraph titled 'NOTICE TO OVERSEAS PERSONS' has been included. All other details remain unchanged.  The full amended announcement is set out below.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, NEW ZEALAND, RUSSIA OR THE REPUBLIC OF SOUTH AFRICA.

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 WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). WITH THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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**

For further information please contact the following:

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.

NOTICE TO OVERSEAS PERSONS

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America.  This announcement is not an offer of securities for sale into the United States.  The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.  No public offering of securities is being made in the United States.