REG - Deltic Energy PLC - P2437 – Site Survey Vessel Mobilisation

Deltic EnergyAnnouncement

21/08/2023 07:00

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RNS Number : 8884J  Deltic Energy PLC  21 August 2023

 

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

 

21 August 2023

 

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

P2437 - Site Survey Vessel Mobilisation

 

 

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, has been informed by the Licence Operator, Shell U.K. Ltd
(or "Shell"), that site survey works associated with the Selene exploration
well location have commenced.

 

Shell has confirmed that a geophysical site survey vessel has been mobilised
to acquire high resolution 2D seismic lines over the proposed well location.
The seismic acquisition is expected to be completed before the end of
August.  The data  acquired will then be used to inform the geotechnical
survey which will further assist in determining exact location and placement
of the rig.

 

Graham Swindells, Chief Executive of Deltic Energy, commented:

 

"The commencement of the site survey on Selene is another important step on
the path to drilling this high impact, low risk prospect in the Southern North
Sea.  We are looking forward to working with Shell as we continue to progress
the well design prior to the scheduled drilling operations in mid-2024."

 

 

**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                                                              Tel: +44 (0) 20 7390 0230
 Adviser)

 Patrick d'Ancona / Finlay Thomson / Kendall Hill

 

 

Notes To Editors

 

The Selene Prospect is considered one of the largest unappraised structures in
the Leman Sandstone fairway of the Southern Gas Basin and Deltic estimates
Selene to contain 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%.

 

Under the terms of the original farm-out with Shell, Deltic holds a 50%
working interest in the Licence but will be carried for 75% of the costs of
drilling and testing the well on the Selene prospect, up to gross well cost of
USD$25 million.

 

 

Glossary of Technical Terms

 

 BCF:                     Billion Cubic Feet of gas
 chance of success        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.
 Prospective Resources:   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.
 P90:                     a 90% probability that a stated volume will be equalled or exceeded
 P50:                     a 50% probability that a stated volume will be equalled or exceeded
 P10:                     a 10% probability that a stated volume will be equalled or exceeded

 

Qualified Person's Statement:

 

Andrew Nunn, Deltic's Chief Operating Officer, has approved the information
contained in this announcement. Mr Nunn is a Chartered Geologist.

 

The 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).

 

 

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