REG - Deltic Energy PLC - Provisional Award of UKCS Licences

Deltic EnergyAnnouncement

01/02/2024 07:15

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RNS Number : 6150B  Deltic Energy PLC  01 February 2024

 

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

 

1 February 2024

 

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

Provisional Award of UKCS Licences - 33(rd) Offshore Licensing Round

 

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 it has been provisionally
awarded two licences over three part blocks covering approximately 226 km(2)
by the North Sea Transition Authority ("NSTA") in Tranche 2 of the UK's 33(rd)
Offshore Licensing Round ("33(rd) Round").

 

The blocks provisionally awarded to the Company in Tranche 2 are as follows:

 

 REGION             SUB-AREA        BLOCKS                             AREA

                                                                       (km(2))
 Central North Sea  Dewar           22/24f (part) & 22/25e (part)      80
                    Central Graben  29/4b                              146

 

All blocks are being provisionally awarded to the Company on a 100% equity
position.

 

Blocks 22/24f (part) & 22/25e (part) - Dewar

 

This provisional award contains the Dewar Prospect, which has previously been
licenced and matured by Deltic. Dewar is seen as a low-risk prospect in the
Forties Sandstone, located close to existing and proposed new infrastructure
associated with the redevelopment of the Murlach Field (formerly known as
Skua).

 

The work programme associated with the initial phase of the licence is
restricted to upgrading the seismic data sets held by the Company at
relatively low cost and is focussed on providing greater confidence around
prospect volumetrics and risk.

 

Block 29/4b - Central Graben

 

Block 29/4b represents the residual part of a larger application which
included the contiguous Block 29/3b.  Block 29/3b, which was provisionally
awarded to Shell U.K. Ltd in Tranche 1 of the 33(rd) Round, was considered the
most prospective part of the application area and the Company will now
consider if there is sufficient technical justification to accept Block 29/4b
in isolation.

 

33(rd) Licensing Round - Tranche 3

 

The NSTA has advised that there will be a further tranche of awards which will
include licences in the Southern North Sea Gas Basin which was the focus of
the Company's licence application efforts in the 33(rd) Round. Firm guidance
from the NSTA on the timing of Tranche 3 awards has not yet been communicated.

 

Graham Swindells, CEO of Deltic, commented:

 

"These provisional awards are a direct result of the hard work that our
technical team put into the application process and we look forward to
announcement of Southern North Sea Tranche 3 awards in due course. The blocks
awarded to date have the potential to further diversify our asset base and
provide optionality within our portfolio. Deltic is committed to exploration
within the UK and a regular, predictable licensing process remains critical to
maintaining domestic gas production, supporting jobs and delivering energy
security."

 

**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 Adviser)                                    Tel: +44 (0) 20 3328 5656
 David Hart / Alex Brearley (Corporate Finance)

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

 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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