REG - Deltic Energy PLC - Final Results
20/04/2023 07:00
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RNS Number : 8302W Deltic Energy PLC 20 April 2023
20 April 2023
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources
Deltic Energy Plc ("Deltic" or "the Company")
Final Results
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 its audited results for the
year ended 31 December 2022 ('FY 2022') and that it has released a results
presentation. The results presentation is available on the homepage at the
Company's website: www.delticenergy.com (http://www.delticenergy.com) .
Highlights
· Transformational gas discovery at Pensacola on Licence P2252 in the
Southern North Sea ("SNS").
o Pensacola represents one of the largest natural gas discoveries in the SNS
in over a decade.
o Discovery contains P50 Estimated Ultimate Recovery of 302 BCF of gas (90
BCF net to Deltic).
o Well opens a new Zechstein play in this mature basin.
o Working closely with partners to progress this significant discovery to
appraisal.
o Considering options in relation to Deltic's 30% interest including
potential full or partial monetisation, and appraisal and development.
· Committed to second potentially high impact exploration well on the
Selene prospect.
o Selene is the largest undrilled structure of its kind in this part of the
SNS, with an estimated P50 recoverable resource of in excess of 300 BCF (150
BCF net to Deltic).
o Deltic anticipates that Selene will be drilled around the middle of 2024.
· Deltic-Capricorn Joint Venture ("JV") continues to progress technical
work across five SNS licences. The key focus across the licences has been the
Carboniferous play, in which multiple leads and prospects exist, as well as
estimated significant volumes of Gas Initially in Place totalling in excess of
2 TCF.
· Completed the Phase A work programme to significantly de-risk the
Syros prospect located in the Central North Sea, and a farm-out process, which
commenced in late 2022, is ongoing.
· In September Deltic successfully raised £16 million via an
oversubscribed equity placing and open offer.
· Net cash outflow from operations and investing activity for the year
of £4.7 million (2021: £1.8 million), with £2.1 million relating to the
drilling of the Pensacola well.
· Cash position of £20.4 million at 31 December 2022 (2021: £10.1
million) with no debt. Cash position of £15.1 million (unaudited) at 31 March
2023. The Pensacola well cost was £12.8 million of which £5.6 million of
the total well costs are to be billed by the JV Partner subsequent to 31 March
2023.
· Participated in the UK's 33(rd) Offshore Licensing Round, with Deltic
submitting multiple applications for blocks and part blocks in both the
Southern and Central North Sea focused on bolstering and diversifying its
portfolio.
Graham Swindells, Chief Executive of Deltic Energy, commented:
"2022 saw a fundamental shift in the delivery of Deltic's business model as
the Pensacola well started drilling in November, subsequently being announced
as a highly material gas discovery in February this year. Pensacola entirely
vindicates our long-term business strategy of identifying high-value
exploration assets at a very early stage and bringing them to fruition. We are
now in the enviable position of deciding how best to appraise and develop this
300 BCF discovery alongside our partners, and delivering value for
shareholders.
Moreover, we continue to advance our second potentially high-value asset, the
Selene gas prospect, also located in the Southern North Sea. Together with our
partner Shell, we expect to drill this similar sized prospect to Pensacola in
the summer of 2024. With this drilling activity coupled with additional
prospectivity from the rest of our portfolio and potential new licence awards,
I believe the future looks extremely positive for Deltic, especially at a time
when the UK should rightly be focused on its longer-term energy security."
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.
Chairman's Statement
The last year has seen high levels of uncertainty in global economies. As the
world slowly emerged from the global pandemic, further disruption came from
the Russian invasion of Ukraine beginning in February 2022 and continuing
today. As the world supports Ukraine's resistance, the knock-on effect on
trade and the supply of food and energy has caused continuing challenges at a
global scale, national scale and to individual households.
A major re-structuring of the total energy system began at a global scale in
order to secure continued supplies while reducing dependence upon Russian
supplies. The dependence of Europe on Russia for oil and gas became apparent,
including leading economies such as Germany which had grown over the years
after previously being self-sufficient. While UK dependence upon Russia was
not so directly felt as many EU countries, there was an indirect impact as
markets tightened.
The changing situation has caused policymakers and commentators to better
understand and emphasise the importance of security of supply and the value of
domestic supplies for energy security as well as for jobs, treasury receipts
and for greenhouse gas emissions when compared with imports of the same
resources.
At the same time, the rise in commodity prices associated with tighter
supplies, and increasing profits, at a time when people were experiencing much
higher energy bills from the same market forces, brought negative attention to
our sector. Government interventions resulted in the introduction of the
Energy Profits Levy ('EPL'), such that the sector now has the highest taxes
for any UK industrial sector.
With all this going on in the outside world, our company continued to follow
its business plan of feeding a conveyor belt of opportunities from licence
round through technical evaluation; to bringing in high quality partners and
ultimately drilling exploration wells.
During the year, our company applied for a number of licences in the 33rd
Offshore UK Licensing Round, worked on farming-out several attractive
prospects, advanced the evaluation of drilling opportunities across many of
our licences with our industry partners, while securing commitment to drill
Selene with Shell. Pensacola became the first prospect the company has drilled
resulting in a very successful discovery of gas just off the northeast coast
of England.
All of this will be more fully covered in the following reports by our Chief
Executive Officer Graham and Chief Operating Officer Andrew, but at the
highest level we can say that, through all of the external challenges, as
prices rise and fall and as sentiment sees peaks and troughs, we are getting
on with the job we set out to do in becoming a leading North Sea exploration
company.
Mark Lappin
Chairman
19 April 2023
Chief Executive's Statement
The last year has been transformational for our company and its future. We
started 2022 with just one committed exploration well and now have a major
discovery on the play-opening Pensacola prospect as well as a further
committed exploration well on our Selene prospect. The drilling of the first
well on one of our licences represented a significant milestone in the
evolution of Deltic and we were delighted to achieve initial success in
discovering both gas and oil. The benefits of this are wide-reaching in that
in addition to it representing our first discovery, it demonstrates the
success of our model to identify quality opportunities and create a conveyor
belt of exploration assets attracting the highest quality partners to
facilitate the progression from licensing to drilling. This has been further
highlighted by Shell's decision to drill the high impact, low risk Selene
prospect which is of a similar scale to Pensacola. In addition to the further
endorsement of the quality of our assets, having a well at Selene to add to
our discovery further de-risks the investment proposition and provides a
fantastic base from which to continue to grow the Company. Accordingly, we are
delighted with how things have progressed and excited about the future
development of the Company.
Pensacola Discovery
In November 2022, Shell commenced the drilling of the first well at Pensacola,
with drilling operations continuing through to February 2023 and we were
delighted to announce a very significant discovery of gas.
The well encountered 19 metres of reservoir on the edge of the structure with
higher than expected average porosity of 16% and proved a hydrocarbon column
of in excess of 100 metres. It was particularly pleasing that following
drilling, our pre-drill estimate of gas volumes was confirmed at just over 300
BCF (P50 Estimated Ultimate Recovery) equivalent to 50 mmboe. On test, gas
flowed at a maximum rate of c. 5 mmscf/day which, while in line with pre-test
expectations, is not considered representative of the much higher flow rates
that would be expected on a horizontal appraisal or production well drilled in
the centre of the structure.
The well also unexpectedly encountered oil with 34-36° API which has the
potential to create further opportunity on the licence. While the upside
associated with the oil is still being evaluated, the well has indicated the
presence of a potentially significant volume of oil which could lead to
additional future activity on Pensacola.
This first exploration well has resulted in a highly positive outcome and, at
approximately 300 BCF, is the largest natural gas discovery in the Southern
North Sea ("SNS") in over a decade and is close to existing infrastructure.
The discovery represents a major milestone in the development of our company
as we continue to execute our exploration-led strategy and progress our
portfolio of high-quality drilling opportunities in order to create value for
our shareholders.
We are now entering a period of post well analysis which will shape appraisal
and development plans with appraisal drilling anticipated late 2024. We are
looking forward to working with our partners, Shell and ONE-Dyas, as we
continue to progress this exciting and significant discovery and look forward
to updating the market in due course.
As well as opening a new Zechstein play in this mature basin, this discovery
highlights the remaining potential of the North Sea as a source of further
discoveries which can provide domestically produced natural gas, supporting UK
energy security while we transition toward a Net Zero economy.
As a result of this discovery, Deltic now has a highly valuable and marketable
asset and in line with the Company's strategy, Deltic is considering all
options in relation to its interest in Pensacola, including appraisal and
development as well as potential full or partial monetisation of value with a
view to maximising shareholder value from the discovery.
Selene
Throughout the year, the JV continued to refine its technical and commercial
assessment of the Company's Selene prospect on Licence P2437. This work was
rewarded in July when Shell confirmed that they had taken the important step
of making a positive well investment decision and committed to drilling the
prospect such that Selene is now a firm well.
We continue to consider Selene the largest undrilled structure of its kind in
this part of the SNS. With estimated P50 resource of in excess of 300 BCF (50
mmboe) and a high geological chance of success (70%) we are excited to be
drilling this prospect.
Well planning has begun and although a well slot has yet to be confirmed it is
currently anticipated that Selene will be drilled in Q3 2024.
In the meantime, we expect the site survey to be carried out later this year
along with confirmation of rig contract.
Capricorn Energy JV - Licences P2560, P2561, P2562, P2567 and P2428
2022 saw continued progress across the various licences held jointly with
Capricorn. The results of the new high quality modern 3D seismic survey were
received, and reprocessing of existing legacy data has been recently
completed. The key area of focus across the key licences has been the
Carboniferous play in which multiple leads and prospects exist. Significant
volumes of gas are estimated to exist across these licences, totalling in
excess of 2 TCF of Gas Initially in Place ('GIIP'). We continue to work
closely with Capricorn and current activity is centred around refinement of
the assessment of risks and volumes in order to support a drilling decision.
Deltic notes recent announcements by Capricorn as it undertakes a strategic
review, expected to be complete by the end of April, and considers the future
of its UK business as part of that process. Deltic also notes Capricorn's
recent cost base update statement which indicated an intention to monetise or
farm down its UK exploration assets. Deltic's focus remains on expediting
drilling of its prospects and will continue to work with Capricorn to seek to
effect this within the licence timeframes. In the meantime, Capricorn
continues to meet all obligations under the farm out entered in 2021 and the
current phase of each of the licences.
Central North Sea
Throughout the year, we made good progress in maturing our Syros oil prospect
on Licence P2542. The purchase of recently reprocessed seismic data has
facilitated a revised and more robust interpretation of the prospect by our
technical team. Following this work, we consider Syros to be a low-risk
prospect with estimated P50 prospective resources of 25 mmboe and a 58%
geological chance of success. Syros also sits in close proximity to existing
infrastructure with multiple offtake opportunities, which would allow it to be
quickly and easily developed. This work has allowed us to commence a farm out
process and we are currently engaging with a number of counterparties.
Fundraising
In September, we were very pleased to raise gross proceeds of approximately
£16 million in an oversubscribed placing and accompanying open offer which
was supported by all of our key shareholders as well as a number of new
institutional investors. This fundraising was particularly important as,
amongst other things, it allowed Deltic to progress Selene into the drilling
phase of the licence following the positive well investment decision. We
appreciate the continued support of our shareholders and welcome the addition
of new institutional shareholders.
Energy Policy/Windfall Tax
In the course of 2022, gas prices rose to unprecedented levels with
governments finally waking up to the importance of energy security. To that
end, Deltic welcomed the UK Government's Energy Security Strategy which was
announced in April 2022 which as well as recognising the importance of
maintaining domestic production (over higher emission imports of LNG),
confirmed a new UK licensing round which was launched towards the end of last
year. However, the Government subsequently bowed to pressure and introduced a
windfall tax in May in the form of the Energy Profits Levy ("EPL") which,
following further amendment in November, ultimately increased the tax on
profits to 75% and extended the tax to 2028. Deltic does not have direct
exposure to the EPL, however it has weighed heavily on the sector and this
lack of fiscal stability has impacted the relative competitiveness of the UK
in terms of attracting investment.
One very positive aspect of the EPL which Deltic supports was the introduction
of the Investment Allowance which allows companies which are subject to the
EPL an investment allowance resulting in a 91% cost saving on new investment.
This means that for EPL paying companies, the value and hence attractiveness
of Deltic's assets is materially enhanced and we would therefore hope to
benefit from this as we continue to progress drilling activity and seek
further high calibre partners.
Outlook
While gas prices have inevitably come down significantly from the
unprecedented highs experienced in 2022, as the energy crisis and the war in
Ukraine has continued, a structural shift in gas markets appears to have
occurred with long term gas prices expected to remain significantly higher
than historic averages. While we do not seek to predict commodity prices, nor
do our projects require inflated prices, we believe the long term pricing
outlook should strongly support ongoing investment in new gas projects.
The outlook for Deltic remains extremely bright. The first, successful, well
has been drilled on one of our licences which made a very significant
discovery of gas. This fundamentally changes Deltic's model, as we now have a
valuable development asset, as opposed to being purely exploration-driven. We
now anticipate appraisal activity on Pensacola as the next step towards its
commercial development as well as another exploration well at Selene, each of
which will be high impact catalysts. More widely, we have demonstrated that
potential exists for further exploration success in the SNS and the critical
role that companies like Deltic have in supporting future domestic production
and energy security.
We are continuing to work with Capricorn on our other SNS licences and our
farm out process on our Syros prospect is ongoing. In line with our strategy
to continue to grow our asset base, we have also applied for a number of new
licences in the latest UK licensing round and, assuming success, this will
give us the opportunity to further enhance our portfolio of drilling
opportunities.
I would like to take this opportunity to thank the Deltic team for their hard
work and commitment throughout the last year and our shareholders for their
ongoing support as we strive to create value.
Graham Swindells
Chief Executive Officer
19 April 2023
Operational Review
P2252 Pensacola (30% Deltic, 65% Shell, 5% ONE-Dyas) & P2558 Pensacola
North (30% Deltic, 70% Shell)
The key activity for the P2252 Pensacola licence, and the Company during the
period was the drilling of the 41/05a-2 discovery well on the Pensacola
prospect, with well operations commencing on 23 November 2022. The well
successfully met all its key pre-drill objectives, including the
discrimination between two competing geological models, confirmation of
hydrocarbons significantly in excess of minimum economic volumes within the
Pensacola structure, and a demonstration of hydrocarbon mobility.
Well 41/05a-2, operated by Shell, reached a total depth of 1,965m TVDSS and
the presence of mobile oil and gas in the primary Zechstein Hauptdolomite
carbonate target interval was confirmed via core and wireline logs. The well
encountered top Hauptdolomite reservoir in a slope facies with a reservoir
thickness of 18.8m with an average porosity of 15.8%. A probable gas-oil
contact was observed in the well, indicating a substantial hydrocarbon column
and the deeper oil-water contact has not been proven by the well. Based on
our current mapping of the Pensacola prospect, it appears that hydrocarbons
are present below the 4-way dip closed structure and work is ongoing to
understand the additional potential upside that may be associated with a
deeper oil-water contact.
On test, the well flowed at a rate of 4.75mmscf/day, approaching a stable rate
of around 1.75mmscf/day after 12 hours with water production also rapidly
declining over the testing period. In addition, the well flowed black oil
(34-36 API°) at a rate of approximately 18bbls/day. The test rates were
in-line with pre-test expectations based on the reservoir facies intersected
and the down-dip location of the well. Significantly improved flow rates are
predicted from horizontal wells targeting the thicker, higher quality oolitic
dolomites, which preliminary post-well analysis indicates are present across
the top of the structure and contain the bulk of the recoverable gas resource.
In light of the data collected during drilling and testing, Deltic has updated
its volumetric estimates for Pensacola and now estimates the Pensacola
discovery to contain a P50 Estimated Ultimate Recovery ('EUR') of 302 BCF (P90
to P10 Range = 164 to 519 BCF) which is in-line with pre-drill estimates. The
significance of the oil recovered during testing is being evaluated, however
preliminary evaluation is suggesting that the volumes of oil involved could
potentially be very material.
Deltic believes the well results materially de-risk follow-on prospectivity
associated with the Pensacola North prospect on adjacent licence P2558,
located immediately to the north, and will provide an update once the
post-well laboratory analysis has been fully integrated into the regional
geological model.
The information gathered from this well and the ongoing laboratory work on
samples collected during drilling and testing will now be integrated into the
geological model for Pensacola and the associated follow-on prospectivity and
inform the next steps on the licence, with appraisal drilling anticipated late
2024.
P2437 Selene (50% Deltic, 50% Shell)
On 26 July, Deltic was delighted to announce that the JV had made a positive
well investment decision and following approval from the North Sea Transition
Authority (or "NSTA"), the JV received formal confirmation that the P2437
licence had moved into the next phase of the licence on 31 October 2022. As
planned, Shell also assumed Operatorship of the P2437 licence as part of the
process of moving into the drilling phase.
While rig selection and scheduling is yet to be confirmed by the Operator,
well engineering and planning work has commenced and we expect a site survey
to be completed in the second half of 2023 in anticipation of drilling
commencing in Q3 2024.
The well will be located and designed to prove the presence of gas in excess
of the minimum economic volume required to support a future development of the
lowest possible cost and to collect the additional geotechnical information
required to support field development planning.
Deltic remains convinced that the Selene prospect is one of the largest
unappraised structures in the Leman Sandstone fairway of the Southern Gas
Basin and estimates that it contains gross P50 Prospective Resources of 318
BCF of gas (with a P90 to P10 range of 132 to 581 BCF) with a geological
chance of success of 70%.
P2428 Cupertino Area and P2567 Cadence Area (40% Deltic, 60% Capricorn)
Work during the period focused on completion of the processing work on the
680km(2) of new 3D seismic shot over licence P2428 in 2021 which was delivered
in mid-2022 and the reprocessing of the legacy VE08 3D survey over licence
P2567, with final products delivered in early 2023. This newly delivered data
has been integrated into the regional geological dataset and is being used to
refine the JV's assessment of the prospectivity across the blocks.
The Capricorn JV has been focusing on the Carboniferous play and has
identified a number of potentially material leads and prospects with some
similarities to nearby producing fields such as Breagh and discoveries such as
Pegasus and Andromeda which are located immediately to the south of these
licences.
The Carboniferous play as a whole is considered low risk with very material
in-place prospective resources of approximately 2 TCF (mid-case estimate)
across the two licences.
Ongoing work is focusing on the assurance of volumes and risks associated with
individual prospects and leads in order to high grade potential drilling
opportunities across both licences.
P2560, P2561 and P2562 - South Breagh Area (30% Deltic, 70% Capricorn)
Work during the period focused on the integration and upgrading of legacy
datasets including the reprocessing of the Lochran 3D survey covering much of
Licence P2560 and the northern part of P2562. Final reprocessing products were
delivered in January 2023 and the focus has been on maturing a small number of
leads across the licence area using this new data. The lack of high quality
3D seismic is hampering the assessment of prospectivity over much of P2561 and
P2562 and the JV will take a view on the future of those licences in the
coming months. The primary prospect is the intra-Carboniferous Lochran Deep
structure on Licence P2560 which has the potential to contain material volumes
of gas, significantly in excess of that estimated by previous Operators.
Deltic notes Capricorn's recent cost base update statement which among other
things indicated that as part of a strategic review, the board of Capricorn
had concluded that its near-term strategic focus should be primarily on Egypt,
and to farm down, monetise or exit exploration concessions outside Egypt.
While Deltic cannot comment on Capricorn's strategic review and its plans to
farm down or monetise any of the five licences Deltic holds jointly with
Capricorn, work progresses across those licences and Capricorn continues to
meet all obligations under the farm out entered in 2021 and the obligations
under each phase of the licences.
Phase A of each of the licences ends on 30 November 2023 with the exception of
P2428 which ends on 31 March 2024.
P2542 Syros (100% Deltic)
Deltic has now completed the Phase A work programme on licence P2542 located
in the Central North Sea, which contains the Syros prospect. This work
included the purchase of the latest 3D Evolution seismic dataset across the
acreage and the completion of a Joint Impedance and Facies Inversion (Ji-Fi)
inversion of the seismic data, in conjunction with IKON Science. This work has
significantly de-risked the Syros prospect and Deltic considers it to be
'drill ready'.
The Syros prospect is located immediately to the west of the Montrose-Arbroath
production platforms and in close proximity to a number of fields which
produce from the same Fulmar sandstones which are expected to be present
within the Syros rotated fault block.
The Syros prospect is expected to contain a gassy light oil, similar to
producing offset fields and is estimated to contain P50 prospective resources
of 24.5mmboe (P90 to P10 Range = 13.7 to 39.7 mmboe) with a geological chance
of success of 58%.
As previously announced, a farm-out process was commenced late in 2022 and
Deltic has had significant engagement with a number of credible operators in
relation to Syros and management are confident of attracting a joint venture
partner.
Portfolio Management
As previously reported, Deltic was informed by the Operator of licence P2435,
The Parkmead Group, that a farm out partner could not be found to assist in
the maturation of the Blackadder prospect within the required licence
timeframe, and therefore recommended that the licence should be relinquished.
Relinquishment of Licence P2435 was confirmed on 30 September 2022.
Similarly, a farm out partner could not be found to participate in the
drilling of the Dewar prospect within the required licence timelines and, in
line with previously stated intentions, the licence was relinquished on 30
September 2022.
33(rd) Licensing Round
The NSTA announced the launch of the 33(rd) licensing round on 7 October 2022,
with 931 blocks and part blocks available for licensing. The round closed for
applications on 12 January 2023 and following an extensive review of a large
number of opportunities Deltic submitted a number of applications for blocks
and part blocks in both the Southern and Central North Sea.
Significant interest from the industry was noted, with the NSTA reporting that
115 bids across 258 blocks were received across the licensing round, with a
total of 76 different companies submitting applications. Deltic expects the
NSTA to start awarding new licences resulting from the 33(rd) round from Q3
2023.
Andrew Nunn
Chief Operating Officer
19 April 2023
Portfolio and Resource Summary
The Company's current licence portfolio and prospect inventory, as of the end
of March 2023, is summarised below:
Southern North Sea - Discoveries
Licence Ref: Block ID Deltic Equity Project ID Discovered (D) Net to Deltic GCoS%
P50 Estimated Ultimate Recovery
(BCF)
P90 P50 P10
Low Best High
P2252(1) 41/5a, 41/10a & 42/1a 30% Pensacola - Zechstein D 49.5 90.6 155.7 100
P2437(1) 48/8b 50% Sloop - Leman D 4 9 19 100
(1) Operated by Shell
Southern North Sea - Prospects and Leads
Licence Ref: Block ID Deltic Equity Project ID Net to Deltic GCoS%
Prospect (P) Prospective Resource
Lead (L) (BCF)
P90 P50 P10
Low Best High
P2558(1) 41/5b & 42/1b 30% Pensacola North - Zechstein To Be Determined
P2437(1) 48/8b 50% Selene - Leman P 66 159 290 70
Endymion - Leman L 18 24 31 27
Rig & Jib - Leman L 7 18 29 35
P2428(2) 43/7 40% Cupertino To Be Determined
&
43/8
Cupertino NE
Cambridge
Chelmsford
Callander
Richmond - Leman L 25 84 219 20
P2567(2) 43/11 40% Cadence To Be Determined
&
43/12b
Cadence North
Cadence West
Chester
Bassett - Bunter Sst L 14 51 121 37
Bathurst - Bunter Sst L 48 110 228 22
P2560(2) 42/13b 42/17 & 42/18 30 Lochran Deep To Be Determined
P2561(2) 42/19 & 42/20b 30% To Be Determined
P2562(2) 42/22 & 42/23 30% To Be Determined
(1) Operated by Shell
(2) Operated by Capricorn Energy
Central North Sea
Licence Ref: Block ID Deltic Equity Project ID Discovery (D) Net to Deltic GCoS%
Prospect (P) Prospective Resource
Lead (L) (MMBOE)
P90 P50 P10
Low Best High
P2542 22/17a 100% Syros - Fulmar P 13.7 24.5 39.7 58
Andrew Nunn
Chief Operating Officer
19 April 2023
Financial Review
Overview
The Company had a cash balance of £20,409,692 at the end of the year (2021:
£10,092,205). In September, the Company raised £15,958,850 (gross) by
issuing 455,967,137 ordinary shares as part of a placing and open offer at 3.5
pence per share ("the Fundraise").
The Company moved into a more operational phase during the year and drilling
operations commenced at Pensacola in November and continued through to
February 2023.
Loss for the year
The Company incurred a loss for the year to 31 December 2022 of £2,989,404
(2021: £1,935,052). Administrative expenses of £2,745,350 (2021:
£1,912,987) were incurred during the year.
The prior year loss included a gain of £298,173 associated with the farm-out
of five gas licences in the Southern North Sea to Capricorn Energy PLC as part
of the USD $1 million consideration Deltic received as a contribution to
historic costs. The prior year gain is included as other operating income in
the Income Statement for the prior year.
A write down of £347,610 is recognised in the year resulting from the
relinquishment of licences P2435 (Blackadder Prospect) and P2537 (Dewar
Prospect) ('the Write Down'). In 2021, a write down of £288,551 was
recognised relating to the relinquishment of Licence P2384 (Manhattan
Prospect) and P2424 (Cortez Prospect).
Finance income of £129,301 (2021: £2,905) was earned on short term high
interest-bearing deposits on surplus funds following the Fundraise. Finance
costs of £25,745 (2021: £34,592) were recognised as interest charged on a
lease liability relating to the office lease.
Balance Sheet
The Company continues to retain a strong balance sheet with total Capital and
Reserves at 31 December 2022 of £24,192,695 (2021: £11,663,005). As at 31
December 2022, there were 1,861,931,992 (2021: 1,405,964,855) ordinary shares
in issue. The increase reflects the additional shares issued as part of the
Fundraise. Additionally, a total of up to 162,840,450 (2021: 128,840,450) new
ordinary shares may be issued pursuant to the exercise of share options.
The value of exploration assets increased by £7,566,359 to £9,769,477 (2021:
£2,203,118) mainly reflecting commencement of Pensacola drilling operations
in November 2022, offset by the Write Down.
Drilling operations continued through to February 2023 and the value of work
undertaken during 2022 was £5,981,947 (2021: £1,152,403), and accordingly
part of the cost of the Pensacola well will be incurred during 2023. The total
net cost to Deltic of drilling the Pensacola well is £12.8 million reflecting
certain additional operational requirements during drilling, weather
conditions, additional testing costs, as well as market influences, including
inflation and exchange rate movements.
In accordance with IAS 37, the Company recognised a provision with a
corresponding asset of £1,281,000 for the planned plug and abandonment of the
Pensacola well in February 2023.
The Company spent £651,022 (2021: £335,756) further progressing the
Company's exploration licence portfolio, in particular the Syros Licence. This
was partially offset by the Write Down recognised during the year. All costs
associated with the five licences held jointly with Capricorn Energy PLC are
paid in full by Capricorn Energy PLC until a well investment decision is
reached.
Property, plant and equipment of £279,545 (2021: £385,240) includes a right
of use asset relating to the office lease with a net book value of £188,837
(2021: £269,767). Property, Plant and Equipment reduced by £105,695 to
£279,545, mainly reflecting the depreciation charge for the year on the
office lease, fixtures and fittings and computer equipment.
The Company's cash position at 31 December 2022 was £20,409,692 (2021:
£10,092,205) with the year-on-year increase mainly arising from the
Fundraise.
Total current liabilities, which include short-term creditors, accruals,
provisions and lease liabilities increased to £6,359,439 (2021: £1,030,143).
Liabilities of £3,301,809 (2021: £256,860) are due to the Joint Venture
partner for payments associated with Pensacola drilling operations. Other
payables and accruals of £1,259,172 (2021: £197,089) mainly represent
drilling value of work done but yet to be billed by the Joint Venture partner.
A provision of £1,281,000 has been recognised at the year end for the costs
expected to be incurred in early 2023 for the planned plug and abandonment of
the Pensacola exploration well.
The Company has no debt.
Cash flow
As at 31 December 2022, the Company held cash and cash equivalents totalling
£20,409,692 (2021: £10,092,205). The Company had a net cash inflow for the
year of £10,317,487 (2021: outflow £1,876,653).
A net cash outflow from operating activities of £2,182,387 (2021:
£1,623,057) was incurred for general and administrative costs.
Net cash of £2,509,979 (2021: £136,781) was used in investing activities
including £2,557,582 (2021: £853,744) on exploration and evaluation assets.
The total net cost of drilling the Pensacola well is £12.8 million of which
£2,102,352 (2021: £584,355) cash was paid to the joint venture partner
during 2022 and the remaining cost of the drilling operations is payable in
2023.
A further £455,230 (2021: £269,389) was spent developing the other licences
in the exploration portfolio. In the prior year, £719,953 was received as
proceeds, as a contribution to historic costs, from the farm-in by Capricorn
Energy PLC on five Southern North Sea licences. Interest of £56,606 (2021:
£2,905) was received on high interest-bearing deposits on surplus funds
following the Fundraise.
The cash increase in the year is driven by the Fundraise proceeds of
£15,958,850 (2021: nil) offset by £824,258 of expenses associated with the
Fundraise (2021: nil).
Going concern
The Directors have assessed the Company's ability to continue as a going
concern. Although the oil and gas industry faces a period of change under the
current geopolitical environment, the Company does not anticipate any negative
issues impacting its ability to operate as a going concern. Having raised
funds in 2022 the Company is currently well funded for its existing
commitments that fall due for a minimum of 12 months from signing these
financial statements. The Company has no debt. Based on the cash and cash
equivalents balance at year end and the Company's commitments, the Directors
are of the opinion that the Company has adequate financial resources to meet
its operational and drilling costs commitments, based upon anticipated
drilling costs and pre-drilling work schedules, and working capital
requirements, and accordingly will be able to continue and meet its
liabilities as they fall due for a minimum of 12 months from the date of
signing these financial statements.
Sarah McLeod
Chief Financial Officer
19 April 2023
Investing Policy
In addition to the development of the North Sea gas licences the Company has
acquired to date, the Company proposes to continue to evaluate other potential
oil and gas projects in line with its investing policy, as it aims to build a
portfolio of resource assets and create value for shareholders. As disclosed
in the Company's AIM Admission Document in May 2012, the Company's
substantially implemented Investment Policy is as follows:
The proposed investments to be made by the Company may be either quoted or
unquoted; made by direct acquisition or through farm-ins; either in companies,
partnerships or joint ventures; or direct interests in oil & gas and
mining projects. It is not intended to invest or trade in physical commodities
except where such physical commodities form part of a producing asset. The
Company's equity interest in a proposed investment may range from a minority
position to 100% ownership.
The Board initially intends to focus on pursuing projects in the oil & gas
and mining sectors, where the Directors believe that a number of opportunities
exist to acquire interests in attractive projects. Particular consideration
will be given to identifying investments which are, in the opinion of the
Directors, underperforming, undeveloped and/or undervalued, and where the
Directors believe that their expertise and experience can be deployed to
facilitate growth and unlock inherent value.
The Company will conduct initial due diligence appraisals of potential
projects and, where it is believed further investigation is warranted, will
appoint appropriately qualified persons to assist with this process. The
Directors are currently assessing various opportunities which may prove
suitable although, at this stage, only preliminary due diligence has been
undertaken.
It is likely that the Company's financial resources will be invested in either
a small number of projects or one large investment which may be deemed to be a
reverse takeover under the AIM Rules. In every case, the Directors intend to
mitigate risk by undertaking the appropriate due diligence and transaction
analysis. Any transaction constituting a reverse takeover under the AIM Rules
will also require Shareholder approval.
Investments in early stage and exploration assets are expected to be mainly in
the form of equity, with debt being raised later to fund the development of
such assets. Investments in later stage projects are more likely to include an
element of debt to equity gearing. Where the Company builds a portfolio of
related assets, it is possible that there may be cross holdings between such
assets.
The Company intends to be an involved and active investor. Accordingly, where
necessary, the Company may seek participation in the management or
representation on the Board of an entity in which the Company invests with a
view to improving the performance and use of its assets in such ways as should
result in an upward re-rating of the value of those assets.
Given the timeframe the Directors believe is required to fully maximise the
value of an exploration project or early stage development asset, it is
expected that the investment will be held for the medium to long term,
although disposal of assets in the short term cannot be ruled out in
exceptional circumstances.
The Company intends to deliver Shareholder returns principally through capital
growth rather than capital distribution via dividends, although it may become
appropriate to distribute funds to Shareholders once the investment portfolio
matures and production revenues are established.
Given the nature of the Investing Policy, the Company does not intend to make
regular periodic disclosures or calculations of its net asset value.
The Directors consider that as investments are made, and new investment
opportunities arise, further funding of the Company will be required.
This strategic report contains certain forward-looking statements that are
subject to the usual risk factors and uncertainties associated with the oil
and gas exploration and production business. Whilst the Directors believe the
expectation reflected herein to be reasonable in light of the information
available up to the time of their approval of this report, the actual outcome
may be materially different owing to factors either beyond the Company's
control or otherwise within the Company's control but, for example, owing to a
change of plan or strategy. Accordingly, no reliance may be placed on the
forward-looking statements.
On behalf of the Board
Mark
Lappin
Graham Swindells
Chairman
Chief Executive Officer
19 April
2023
19 April 2023
Qualified Person
Andrew Nunn, a Chartered Geologist and Chief Operating Officer of Deltic, is a
"Qualified Person" in accordance with the Guidance Note for Mining, Oil and
Gas Companies, June 2009 as updated 21 July 2019, of the London Stock
Exchange. Andrew has reviewed and approved the information contained within
this announcement.
Glossary of Technical Terms
PRMS: Petroleum Resources Management System (2018)
°API a measure of the density of crude oil, as defined by the American Petroleum
Institute
Bbls Barrels
BCF Billion Cubic Feet
GIIP Gas Initially In Place
Mmbbl Million barrels
mmboe Million barrels of oil equivalent
SCF: Standard Cubic Feet
STOIIP Stock-Tank Oil Initially In Place
TCF Trillion Cubic Feet
Prospective Resources Are estimated volumes associated with undiscovered accumulations. These
represent quantities of petroleum which are estimated, as of a given date, to
be potentially recoverable from oil and gas deposits identified on the basis
of indirect evidence but which have not yet been drilled.
Chance of Success (GCoS) for prospective resources, means the chance or probability of discovering
hydrocarbons in sufficient quantity for them to be tested to the surface.
This, then, is the chance or probability of the prospective resource maturing
into a contingent resource. Prospective resources have both an associated
chance of discovery (geological chance of success) and a chance of development
(economic, regulatory, market and facility, corporate commitment and political
risks). The chance of commerciality is the product of these two risk
components. These estimates have been risked for chance of discovery but not
for chance of development.
Estimated Ultimate Recovery Estimated Ultimate Recovery is defined as those quantities of petroleum which
are estimated, on a given date, to be potentially recoverable from an
('EUR') accumulation, plus those quantities already produced therefrom.
P90 resource reflects a volume estimate that, assuming the accumulation is developed, there
is a 90% probability that the quantities actually recovered will equal or
exceed the estimate. This is therefore a low estimate of resource.
P50 resource reflects a volume estimate that, assuming the accumulation is developed, there
is a 50% probability that the quantities actually recovered will equal or
exceed the estimate. This is therefore a median or best case estimate of
resource.
P10 resource reflects a volume estimate that, assuming the accumulation is developed, there
is a 10% probability that the quantities actually recovered will equal or
exceed the estimate. This is therefore a high estimate of resource.
Pmean is the mean of the probability distribution for the resource estimates. This
is often not the same as P50 as the distribution can be skewed by high
resource numbers with relatively low probabilities.
The GIIP volumes, Estimated Ultimate Recovery and Prospective Resources have
been presented in accordance with the 2018 Petroleum Resources Management
System (PRMS) prepared by the Oil and Gas Reserves Committee of the Society of
Petroleum Engineers (SPE), reviewed, and jointly sponsored by the World
Petroleum Council (WPC), the American Association of Petroleum Geologists
(AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).
Income Statement
for the year ended 31 December 2022
Continuing operations Notes 2022 2021
£ £
Administrative expenses:
Write down on relinquished intangible assets 3 (347,610) (288,551)
Other administrative expenses (2,745,350) (1,912,987)
Total administrative expenses (3,092,960) (2,201,538)
Other operating income 3 - 298,173
Operating loss (3,092,960) (1,903,365)
Finance income 129,301 2,905
Finance costs (25,745) (34,592)
Loss before tax (2,989,404) (1,935,052)
Income tax expense - -
Loss for the year (2,989,404) (1,935,052)
Loss per share from continuing operations
expressed in pence per share:
Basic 2 (0.20)p (0.14)p
Statement of Comprehensive Income
for the year ended 31 December 2022
2022 2021
£ £
Loss for the year (2,989,404) (1,935,052)
Other comprehensive income - -
Total comprehensive expense for the year attributable to the equity holders of (2,989,404) (1,935,052)
the Company
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Assets
Non-current assets
Intangible assets 3 9,769,477 2,203,118
Property, plant and equipment 4 279,545 385,240
Other receivables 37,422 37,422
Total non-current assets 10,086,444 2,625,780
Current assets
Trade and other receivables 181,102 190,398
Cash and cash equivalents 20,409,692 10,092,205
Total current assets 20,590,794 10,282,603
30,677,238 12,908,383
Total assets
Capital and reserves attributable to the equity holders of the Company
Shareholders' equity
Share capital 9,309,660 7,029,824
Share premium 33,150,786 20,296,030
Share-based payment reserve 1,535,202 1,150,700
Accumulated retained deficit (19,802,953) (16,813,549)
24,192,695 11,663,005
Total equity
Liabilities
Current liabilities
Trade and other payables 4,988,307 931,148
Lease liabilities 90,132 98,995
Provisions 1,281,000 -
6,359,439 1,030,143
Total current liabilities
Non-current liabilities
Lease liabilities 125,104 215,235
125,104 215,235
Total non-current liabilities
6,484,543 1,245,378
Total liabilities
30,677,238 12,908,383
Total equity and liabilities
Statement of Changes in Equity
for the year ended 31 December 2022
Share Share Share-based payment reserve Accumulated retained Total
capital
premium
£
deficit
equity
£
£ £
£
Balance at 1 January 2022 7,029,824 20,296,030 1,150,700 (16,813,549) 11,663,005
Comprehensive income for the year
Loss for the year - - - (2,989,404) (2,989,404)
Total comprehensive loss for the year - - - (2,989,404) (2,989,404)
Contributions by and distributions to owners
Issue of shares 2,279,836 13,679,014 - - 15,958,850
Costs of share issue - (824,258) - - (824,258)
Share-based payment - - 384,502 - 384,502
Total contributions by and distributions to owners 2,279,836 12,854,756 384,502 - 15,519,094
Balance at 31 December 2022 9,309,660 33,150,786 1,535,202 (19,802,953) 24,192,695
Balance at 1 January 2021 7,029,824 20,296,030 990,378 (14,878,497) 13,437,735
Comprehensive income for the year
Loss for the year - - - (1,935,052) (1,935,052)
Total comprehensive loss for the year - - - (1,935,052) (1,935,052)
Contributions by and distributions to owners
Share-based payment - - 160,322 - 160,322
Total contributions by and distributions to owners - - 160,322 - 160,322
Balance at 31 December 2021 7,029,824 20,296,030 1,150,700 (16,813,549) 11,663,005
Statement of Cash Flows
for the year ended 31 December 2022
2022 2021
£ £
Cash flows from operating activities
Loss before tax (2,989,404) (1,935,052)
Finance income (129,301) (2,905)
Finance costs 25,745 34,592
Gain from farm-out of licence interest - (298,173)
Depreciation 114,698 115,355
Amortisation - 5,625
Loss on disposal of property, plant and equipment - 1,842
Write down on relinquished intangible assets 347,610 288,551
Share-based payment 384,502 160,322
(2,246,150) (1,629,843)
Decrease/(increase) in other receivables 81,991 (136,511)
(Decrease)/increase in trade and other payables (18,228) 143,297
Net cash outflow from operating activities (2,182,387) (1,623,057)
Cash flows from investing activities
Purchase of intangible assets (2,557,582) (853,744)
Purchase of property, plant and equipment (9,003) (5,895)
Proceeds from exploration licence farm-in - 719,953
Interest received 56,606 2,905
Net cash outflow from investing activities (2,509,979) (136,781)
Cash flows from financing activities
Proceeds from share issue 15,958,850 -
Expense of share issue (824,258) -
Payment of principal portion of lease liabilities (98,994) (82,223)
Lease interest paid (25,745) (34,592)
Net cash inflow / (outflow) from financing activities 15,009,853 (116,815)
Increase / (decrease) in cash and cash equivalents 10,317,487 (1,876,653)
Cash and cash equivalents at beginning of year 10,092,205 11,968,858
Cash and cash equivalents at end of year 20,409,692 10,092,205
Cash and cash equivalents comprise the following items:
2022 2021
£ £
Cash at bank and in hand 2,909,692 10,092,205
Short term bank deposits 17,500,000 -
20,409,692 10,092,205
Notes to the Financial Statements
for the year ended 31 December 2022
1. Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with UK adopted
International Accounting Standards ('IAS') and with those parts of the
Companies Act 2006 applicable to companies reporting under International
Accounting Standards ('IAS').
The preparation of financial statements in conformity with IAS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and factors that are believed to be reasonable under the
circumstance, the result of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from this estimate. The areas
involving a higher degree of judgement or complexity, or where assumptions and
estimates are significant to the financial statements, are disclosed later in
this note.
Operating loss is stated after charging and crediting all items excluding
finance income and expenses.
The estimates and underlying assumptions are reviewed on an on-going basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision only affects that period or in the period
of revision and future periods if the revision affects both current and future
periods.
Going concern
The Directors have assessed the Company's ability to continue as a going
concern. Although the oil and gas industry faces a period of change under the
current geopolitical environment, the Company does not anticipate any negative
issues impacting its ability to operate as a going concern. Having raised
funds in 2022 the Company is currently well funded for its existing
commitments that fall due for a minimum of 12 months from signing these
financial statements. The Company has no debt. Based on the cash and cash
equivalents balance at year end and the Company's commitments, the Directors
are of the opinion that the Company has adequate financial resources to meet
its operational and drilling costs commitments, based upon anticipated
drilling costs and pre-drilling work schedules, and working capital
requirements, and accordingly will be able to continue and meet its
liabilities as they fall due for a minimum of 12 months from the date of
signing these financial statements.
2. Loss per Share
Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the year.
Due to the losses incurred during the year, a diluted loss per share has not
been calculated as this would serve to reduce the basic loss per share. There
were 162,840,450 (2021: 128,840,450) share options outstanding at the end of
the year that could potentially dilute basic earnings per share in the future.
Basic and diluted loss per share
2022 2021
Loss per share from continuing operations (0.20)p (0.14)p
The loss and weighted average number of ordinary shares used in the
calculation of loss per share are as follows:
2022 2021
£ £
Loss used in the calculation of total basic loss per share (2,989,404) (1,935,052)
Number of shares 2022 2021
Number Number
Weighted average number of ordinary shares for the purposes of basic loss per 1,518,395,110 1,405,964,855
share
3. Intangible Assets
Exploration & evaluation assets Software
licences
£
Total
£
£
Cost
At 1 January 2021 1,425,290 39,257 1,464,547
Additions 1,488,159 - 1,488,159
Farm-out of licence (421,780) - (421,780)
Write down on relinquished assets (288,551) - (288,551)
At 31 December 2021 2,203,118 39,257 2,242,375
Additions 7,913,969 - 7,913,969
Write down on relinquished assets (347,610) - (347,610)
At 31 December 2022 9,769,477 39,257 9,808,734
Amortisation and impairment
At 1 January 2021 - 33,632 33,632
Charge for the year - 5,625 5,625
At 31 December 2021 - 39,257 39,257
Charge for the year - - -
At 31 December 2022 - 39,257 39,257
Net Book Value
At 31 December 2022 9,769,477 - 9,769,477
At 31 December 2021 2,203,118 - 2,203,118
At 1 January 2021 1,425,290 5,625 1,430,915
The net book value of exploration and evaluation assets at 31 December 2022
and 2021 relates solely to the Company's North Sea Licences.
Additions of £7,913,969 (2021: £1,488,159) differ to the cash flows in the
Statement of Cash Flows owing to an increase in trade and other payables of
£3,052,066 (2021: £634,415) and an increase in provisions of £1,281,000
(2021: £nil) relating to the plug and abandonment of the Pensacola
exploration well that was completed in February 2023.
A charge of £347,610 was recognised during the year (2021: £nil) resulting
from the write down on relinquished intangible assets following the decision
to relinquish Licence P2435 (Blackadder) and Licence P2537 (Dewar).
A charge of £nil (2021: £288,551) was recognised resulting from the write
down on relinquished intangible assets following the decision to relinquish
Licences P2384 (Manhattan Prospect) and P2424 (Cortez Prospect).
During the prior year, aggregate cash proceeds arising from the farm-out of
five Licences (P2428, P2567, P2560, P2561 and P2562) to Capricorn amounted to
£719,953. An amount of £421,780 was deducted from exploration and evaluation
assets, being the previously capitalised expenditure relating to that licence.
The surplus of the proceeds over the carrying value amounted to £298,173 and
was recognised as a gain on disposal of the partial interest and included as
other operating income in the Income Statement for 2021.
4. Property, Plant and Equipment
Office lease Fixtures Computer equipment Total
Leasehold improvements and fittings
£ £ £ £ £
Cost
At 1 January 2021 86,452 404,650 42,662 37,920 571,684
Additions 1,317 - 3,138 1,440 5,895
Disposals - - - (4,121) (4,121)
At 31 December 2021 87,769 404,650 45,800 35,239 573,458
Additions 3,931 - - 5,072 9,003
At 31 December 2022 91,700 404,650 45,800 40,311 582,461
Depreciation
At 1 January 2021 7,583 53,953 3,095 10,511 75,142
Charge for year 18,344 80,930 6,663 9,418 115,355
Disposals - - - (2,279) (2,279)
At 31 December 2021 25,927 134,883 9,758 17,650 188,218
Charge for year 18,901 80,930 6,870 7,997 114,698
At 31 December 2022 44,828 215,813 16,628 25,647 302,916
Net Book Value
46,872 188,837 29,172 14,664 279,545
At 31 December 2022
At 31 December 2021 61,842 269,767 36,042 17,589 385,240
At 1 January 2021 78,869 350,697 39,567 27,409 496,542
The office lease category reflects a right of use asset relating to the office
premises occupied by the Company.
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