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Deltic Energy Plc announced on January 11, 2023, that Shell, the Operator of the Pensacola exploration well 41/05a-2 on Licence P2252, reported encountering gas in the reservoir. The Joint Venture, with working interests of Shell (65%), Deltic (30%), and ONE-Dyas (5%), endorsed Shell's recommendation to undertake a full well testing programme, which is expected to take approximately 30 days.
| Date | 11 Jan 2023 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 3077M |
The information contained within this announcement is deemed by the Company to constitute inside information under UK MAR. With the publication of this announcement, this inside information is now considered to be in the public domain.
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources
11 January 2023
Deltic Energy Plc ("Deltic" or "the Company")
Pensacola Exploration Well - Commencement of Well Testing
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, the Operator of exploration well 41/05a-2 on Licence P2252 (Shell 65%, Deltic 30%, ONE-Dyas 5% Working Interests), in the Southern North Sea has reported that gas has been encountered in the reservoir and has recommended to the Joint Venture ('JV') that a full well testing programme be undertaken.
The JV has endorsed the Operator's recommendation to undertake a full well test to evaluate the commerciality of the Pensacola prospect and update the geological model.
Deltic will provide a drilling update announcement in respect of Pensacola on completion of well testing which is expected to take approximately 30 days.
Graham Swindells, Chief Executive of Deltic Energy, commented:
"We are very pleased to have encountered hydrocarbons in the Pensacola exploration well at this intermediate stage of well operations. We now look forward to working with the Operator on the well testing programme, and will update the market once that programme is completed."
**ENDS**
For further information please contact the following:
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Deltic Energy Plc |
Tel: +44 (0) 20 7887 2630 |
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Graham Swindells / Andrew Nunn / Sarah McLeod |
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Allenby Capital Limited (Nominated Adviser) |
Tel: +44 (0) 20 3328 5656 |
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David Hart / Alex Brearley (Corporate Finance) |
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Stifel Nicolaus Europe Limited (Joint Broker) |
Tel: +44 (0) 20 7710 7600 |
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Callum Stewart / Simon Mensley / Ashton Clanfield |
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Canaccord Genuity Limited (Joint Broker) Adam James / Gordon Hamilton
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Tel: +44 (0) 20 7523 8000 |
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Vigo Consulting (IR Adviser) |
Tel: +44 (0) 20 7390 0230 |
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Patrick d'Ancona / Finlay Thomson / Kendall Hill |
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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.