REG - Deltic Energy PLC - Completion of Selene farm-out to Dana Petroleum

Deltic EnergyAnnouncement

03/04/2024 07:00

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RNS Number : 0624J  Deltic Energy PLC  03 April 2024

 

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

 

3 April 2024

 

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

 

Completion of Selene farm-out to Dana Petroleum (E&P) Limited

 

Deltic Energy Plc, the AIM-quoted natural resources investing company with a
high impact exploration and appraisal portfolio focused on the Southern North
Sea, is pleased to announce that it has received the required regulatory and
partner consents in respect of the farm-out of a 25% interest in Licence
P2437, containing the Selene Prospect, to Dana Petroleum (E&P) Limited
("Dana") which was announced on 7 February 2024.  The farm-out has therefore
completed.

 

This transaction, in combination with the existing Shell UK Ltd ("Shell")
carry, results in Deltic retaining a 25% non-operated interest in Licence
P2437 and having no exposure to 2024 drilling and testing costs up to a cost
cap of USD$49M (gross), which is in excess of current success case well cost
estimates provided by the Operator.

 

Following the announcement of the rig contract for the Valaris 123 on 5
February 2024, the Selene well remains on track, with operations expected to
commence in July 2024.

 

Graham Swindells, Chief Executive of Deltic Energy, commented:

 

"We are delighted to announce completion of the farm-out of Licence P2437 and
formally welcome Dana to the joint venture. Well planning remains on schedule
and we are looking forward to commencing Selene well operations with Shell and
Dana in the summer. Our attention is now firmly focussed on drawing the
Pensacola farm-out process to a successful conclusion and we look forward to
updating the market in due course."

 

**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 / Ana Ercegovic

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

 Patrick d'Ancona / Finlay Thomson / Kendall Hill

 

 

 

 

 

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