REG - Deltic Energy PLC - Commencement of Well Testing

Deltic EnergyAnnouncement

11/01/2023 07:00

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RNS Number : 3077M  Deltic Energy PLC  11 January 2023

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:

 Deltic Energy Plc                                                              Tel: +44 (0) 20 7887 2630

 Graham Swindells / Andrew Nunn / Sarah McLeod

 Allenby Capital Limited (Nominated                                             Tel: +44 (0) 20 3328 5656
 Adviser)

 David Hart / Alex Brearley (Corporate Finance)

 Stifel Nicolaus Europe Limited (Joint                                          Tel: +44 (0) 20 7710 7600
 Broker)

 Callum Stewart / Simon Mensley / Ashton Clanfield

 Canaccord Genuity Limited (Joint Broker)                                       Tel: +44 (0) 20 7523 8000

 Adam James / Gordon Hamilton

 Vigo Consulting (IR Adviser)                                                   Tel: +44 (0) 20 7390 0230

 Patrick d'Ancona / Finlay Thomson / Kendall 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.

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