REG - Deltic Energy PLC - Selene Deferred Payment Agreement

Deltic EnergyAnnouncement

12/12/2025 12:00

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RNS Number : 4122L  Deltic Energy PLC  12 December 2025

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

 

12 December 2025

 

 

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

Selene Deferred Payment Agreement

 

Deltic announces that it has entered into a deferred repayment agreement (the
"Deferred Repayment Agreement") with Shell U.K. Limited ("Shell") as operator
of the P2437 licence ("Selene"), in relation to the payment of: (i) in
aggregate, £1,530,320, being the sums that have accrued to Deltic's account
in relation to the successful Selene exploration well from April 2025 to
October 2025; and (ii) any further sums accruing to Deltic in relation to
Selene after October 2025 (together the "Deferred Amounts").

 

Under the Deferred Repayment Agreement, Deltic's payment of the Deferred
Amounts to Shell has been deferred to 27 February 2026, although Deltic may
request extensions of this date for a total of up to nine months, with the
decision to grant any such extensions being at Shell's sole discretion.

 

The Deferred Repayment Agreement's terms include a non-compounding interest
payable to Shell at the Bank of England Base Rate plus 8% with interest
payable monthly.  The Deferred Repayment Agreement is unsecured and contains
customary representations, warranties, undertakings and events of default.
The Deferred Repayment Agreement also contains provisions whereby Shell will
be entitled to require early repayment of the Deferred Amounts 30 days
following a change of control of Deltic; and also where Shell will be entitled
to declare the Deferred Amounts repayable upon Deltic performing an assignment
of its interest in Selene.

 

Deltic has drawn down the full £2.7 million available to it under the
bridging facility provided by RockRose Energy Limited as part of the proposed
all cash acquisition of Deltic Energy Plc.  As of 30 November 2025 Deltic had
unaudited cash of £1.90 million and, as a result of securing the Deferred
Payment Agreement, is funded for working capital purposes until at least
mid-2026.

 

 

**ENDS**

 

 

For further information please contact the following:

 

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

 Andrew Nunn / Sarah McLeod

 Allenby Capital Limited (Nominated Adviser)                                          Tel: +44 (0) 20 3328 5656
 David Hart / Alex Brearley (Corporate Finance)

 Canaccord Genuity Limited                                                            Tel: +44 (0) 20 7523 8000
 Adam James

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

 Patrick d'Ancona

 

 

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