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Last year Capricorn Energy backed out of the Joint Venture with Deltic after spending $10m on technical work, which resulted in Deltic losing four Licences, P2560, P2561, P2562, P2567
Prior to this the BOD and forum users advocated the huge potential and success of a partner. Yet nothing manifested, in fact it was worse than nothing, as investors paid the BODS salaries via placings.
Quote from Deltic RNS July 2023
https://www.lse.co.uk/rns/DELT/update-on-capricorn-energy-jv-licences-8cbwrh124v5fon2.html
"once Deltic has been re-appointed as Administrator of these licenses, Deltic intends to request an extension of the current licence terms from the North Sea Transition Authority ("NSTA")."
Despite the Directors of Deltic making optimistic statements, the NSTA ruled against extending, and the licenses were lost... All those years of Optimistic forums posts and investment...
We are now in a even worse position with Pensacola, as we don't even have a farm-out partner to lose, and only 17 days left to secure one.
A note to retail investors - When you stupidly throw money at the company to fund Placings and the rest of it, all you are doing is paying the BODS salaries, regardless if they do any good work.
Stop ramping this trashy share.
The lesson : Invest in companies that are already producing, else you are investing in optimism, which is nothing but a risk, and most times you lose your capital
David85, I conclude you have sold and will be moving on. Good luck with a different type of investment!
You sound bitter and I guess it is also "advice to self"!
I quite like what Deltic stands for and has achieved. I actually think it is the opposite of useless. It's a high reward/high risk type of investment - agreed. Not for everybody. Clearly, recent sentiments have been severely dented by useless politicians.
'I'm out' as they say in poker. I've taken the view that it is turning more and more into gambling rather than investing and as we're now down to the last few days with no f/o deal having been done the BoD have nothing left to offer. Even if they come forward and there was to be a share price spike, and I feel it's unlikely, they have lost my confidence on being able to take the Selene project forward to revenue or monitisation. For those of you brave enough to hold on I wish you the best of luck but it's time I cut my losses. I'll be keeping my fingers crossed for those still with skin in the game GLA
Dr Patience, you say you "quite like" what deltic stands for and has achieved.
Please can you elaborate what that actually is? With proof, not just crappy rampy statements like "its gone lower, therefore a topup opportunity"
Also, its irrelevant what they stand for, what matters is the licenses are put to use by partnering companies, eventually turning them into producing assets.
Your statement "recent sentiments have been severely dented by useless politicians."
This is a terrible attempt to pass all the blame onto politicians, when it is the DELTIC BOD who are responsible for the company. All other UK companies are held accountable by the same terms, so there is no excuses for DELTIC
As for this being "recent sentiment" - that's another falsity, I have been here since Algy Cluff was the main guy, There is a noticeable pattern of poor performance from DELTIC/CLNR
I quote my recent post for others to see, that despite "recent sentiment" Our recent partner Capricorn completely jumped ship and DELTIC lost all associated licenses... These very licenses where the basis for funding and positivity for YEARS on this forum - Completely gone, and now we are about to lose Pensacola due to no farm out partner being interested.
Last year Capricorn Energy backed out of the Joint Venture with Deltic after spending $10m on technical work, which resulted in Deltic losing four Licences, P2560, P2561, P2562, P2567
Prior to this the BOD and forum users advocated the huge potential and success of a partner. Yet nothing manifested, in fact it was worse than nothing, as investors paid the BODS salaries via placings.
Quote from Deltic RNS July 2023
https://www.lse.co.uk/rns/DELT/update-on-capricorn-energy-jv-licences-8cbwrh124v5fon2.html
"once Deltic has been re-appointed as Administrator of these licenses, Deltic intends to request an extension of the current licence terms from the North Sea Transition Authority ("NSTA")."
Despite the Directors of Deltic making optimistic statements, the NSTA ruled against extending, and the licenses were lost... All those years of Optimistic forums posts and investment...
We are now in a even worse position with Pensacola, as we don't even have a farm-out partner to lose, and only 17 days left to secure one.
David85,
Only been in for a couple of years. I have a science background related to offshore engineering (but not specifically exploration/geology) and done a fair bit of research, including looking at material produced by Deltic for the Geological Society (name may be slightly inaccurate), broker reports, etc. I am not going to go into more detail than that, but the Delt team can pick good sites in my view. I have in particular been happy with how Selene and Pensacola have been tied up with serious partners and money, except for the recent RNS obviously. I am very unhappy with the current Pensacola situation and will wait until we have the outcome before passing comments on the management team's competence.
Funny how no one complained about anything 2 weeks ago!?
The Capricorn exit is not Delt's fault. They (Delt) have effectively inherited $10 million worth of analysis work which could be reused, unless the NS is killed off by the politicians.
My general investment advice to myself and others is a follows: if you don't like and/or trust the CEO&team, just SELL! As simple as that.
I am not trying to ramp, but in my books Selene is worth more than the current mcap, hence if Pensacola is lost and the share price drops to say 10p, then I feel the risk/reward ratio is very good. It's always high risk and your money can also be lost. I don't think anyone here makes buying decisions based on views expressed on this board, but I do enjoy listening to other people, even if I don't always agree. Just deramp if you want, it's actually helpful if it works!!
Right now we are all in limbo and just speculating about the rationale and impact of the recent RNS regarding Pensacola. We have incomplete information and we will probably not know the full story for a while.
@Dr Patience
Re "the Delt team can pick good sites in my view."
Around 65% of the Sites/Blocks/Licences Deltic have picked - which were also the basis for the previous higher SharePrice - have been lost or relinquished. As with Pensacola illustrates, its pointless having good sites if the BOD dont have the capability to put them to use.
Re "They (Delt) have effectively inherited $10 million worth of analysis work which could be reused, unless the NS is killed off by the politicians. "
Sorry to inform you but you're not up to date with affairs, There is no inherited work as DELTIC lost those licenses ages ago...
And they also lost multiple licenses pertaining to a different area many numerous months before that.
David85, I am up to date regarding the Capricorn JV licenses. The point being Delt has the work done. If, and that's a big if as Labour most likely will get in power, they get a chance to reapply, they would be well positioned. I have written it off though.
If you think exploration has a success rate of 100%...then that is an illusion. I would have been happy with "just" Selene and Pensacola. That would have been a very good result.
Don't get me wrong, I am not happy right now, but I try to leave the anger aside and make informed decisions.
DrPatience "David85, I am up to date regarding the Capricorn JV licenses. The point being Delt has the work done. they get a chance to reapply"
But we don't have the licenses anymore, also no guarantee we will be re-granted them, or that DELTIC will re-apply.
DELTIC previously re-applied for a license it lost, and was refused.
This company is useless, its gone from having 6+ prospective targets, to 2, and in two weeks time likely down to 1 left.
If shell don't hit gas on the drill, any chance of return for long term holders is lost forever.
I have been invested in Cluff/Deltic for 6 years. It's been a rocky ride for sure, but I have invested in a tiny company that has had to raise funds the best they could, and they have had to react when needed when things or partners have let them down. As things stand they are OK regarding Selene which looks very promising and is sitting below existing Shell pipelines to their Bacton gas terminal. So that gives me comfort. Pensacola would be a big loss, but I am hopeful that some kind of deal can be done. If not, then that's obviously more than disappointing! But Selene was always the main reason why Shell got involved back in 2019 and still looks very exciting, so even if the worst happens regarding Pensacola, all is most definitely not lost! Glass half full as ever!!!