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Exploration is it not the dream of aim to have a partner of the quality of shell and cairn? Like I said last year that these will be trading much higher come early next year. When I was buying at 0.8 you all seemed against the company. 220% and it seems the same?
FD - now Deltic has surrendered control/operations to Cairn and Shell their main function is to trot out news stories from partners. There is no more UKCS licencing, so building the business in the conventional manner is over. Investors can only sit and wait for drilling.
On other hand, as CCS from BP’s NE Cluster gather’s pace licencees of depleted gas fields will compete with one another to offer the best carbon sinks - just in same way they competed to licence the gas fields in the exploration phase. You can be sure all serious SNS operators have already assessed and ranked depleted fields with existing pipelines/platforms which are best for CO2 storage.
Here’s link to a recent BBC radio programme featuring CCS.
https://www.bbc.co.uk/programmes/m0010qb7
The use of exhausted/depleted reservoirs makes complete sense in the world we are moving into, would add considerable value to the company.
Wonder if Andrew Nunn has and is working on it? Seems you would make an admirable replacement?
FD - I always wonder what Deltic do all day, apart from showing up to the odd meeting with Cairn or Shell.
But they do have the old Forbes and Esmond depleted gas fields in Deltic acreage. And these are Bunter sandstone - about the best reservoir in the area. But they've done the deal with Cairn and must work together.
The rules for nominating CCS areas as carbon sinks are that nominees must have a deal with a carbon source matching the CO2 emission volumes with sink capacity. Just as in production, really good reservoirs in sinks mean the commercial outcome is better than in pore reservoirs.
Also, the 'Crown' doesn't own the 'pore space' in the reservoir - so, in theory, its all tax free.
Naturally, Aberdeen-based OGA pen pushers smell job security and willnmake sure CCS is the new big thing since there will be no more licence rounds.
Apart from that, if only Deltic could think of ways to increase the value of the company, I'd be much happier.
Exploration.
Interesting and very informative post, thanks.
One wonders if Delt have the where with all to run a forward thinking business?
Exploration,
With the greatest respect, the wording says "Is available". Not booked.
J1osf
There is no shortage of jack-ups in the North Sea - Maersk have 5 And Valaris a few more.
But there is a feeding frenzy for depleted gas fields as carbon sinks for CCS projects. All the V fields were nominated last week and if Deltic had their wits about them, Forbes and Esmond are good candidates. With CO2 prices in UK hovering around $70 the Southern North Sea will soon see another business cycle boom with plenty of injection wells and a pause on decommissioning of platforms.
The survey, conducted by Fugro GB North Marine Limited, was completed on time, on budget and without incident. Data collection commenced on 16 October and was completed on 20 October with demobilisation commencing shortly thereafter. Accordingly, all site survey work is now complete.
The Pensacola exploration well remains scheduled to be spudded in Q2 2022. Shell has also confirmed that a rig is available to drill Pensacola.
Graham Swindells, Chief Executive of Deltic Energy, commented:
"The successful completion of the site survey programme, which is a key part of well planning and the final phase of preparatory offshore activities, represents the achievement of another important milestone in our steady progress towards drilling the Pensacola prospect."
This tells us nothing.
Which begs the question, WHY?
Classic GS, short on detail. Would have been good to read Shell have contracted an available rig and not " a rig is available".
In which case I stand corrected. Thank you .
Does anyone else agree with my analogy ?
At lease say something like the results of the survey are expected by …..
Site survey if for rig mobilisation and is a HSE requirement. There is no results as the 3D gave them. Perfect rns to now move to drilling
reads more like, no piles up there - all good for the rogan josh tonight IMO
What a poorly worded release . Like saying he had a camera up his bum looking for piles and that he has a surgeon ready for next year .
What we need to know is did the camera spot anything up his bum that needed removal .
We all know everything else already !