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Started: David85, Today 00:59
Last post: David85, Today 00:59
Labour will destroy the UK Oil & Gas Sector.
Save the North Sea, Save our Investments, Save our country.
Campaign with your family & friends, every vote counts
Started: Gasatapeep, 20 Jun 2024 16:12
Last post: Purdey1, 20 Jun 2024 18:51
Of course it hasn't been cancelled, according to the website Pensecola is full steam ahead as well . Perhaps they have locked the doors and done a runner . Absolute wan#ers.
Incredible how it is falling. Need a BOD update soon before its worthless. Even then would it make a difference. Come on the drill or has it been cancelled?
Started: Tipatft, 20 Jun 2024 12:04
Last post: 99icecream, 20 Jun 2024 17:30
As I understand it, the Labour Manifesto is written by a committee, what happens after the Election will be determined by Starmer and Reeves.
Let's be honest, Labour's announced intent on reducing NS O&G production is the same as every other pre-election promise...they melt under the spotlight of Realpolitik and financial imperatives.
All opposition parties pander to every possible group of potential voters, playing to the crowd.
Meanwhile, our BoD cba to wait a couple of months for election results to shake out and then take view, crystallising what was still only potential outcome.
I mean, what was to be list by waiting and seeing?
I constantly make the mistake of thinking these people have a cunning Plan B up their sleeves, only to realise later that they are nothing but con artists living off others capital!
Syros project is predominantly oil.
Well my understanding is deltic don't have any focus, I am still in but cannot believe where we have to claw our way back from!!
My understanding is Deltic focus on gas not oil.
Sorry to see you go! Good luck with your other investments!
I am holding (rightly or wrongly); hoping for Selene to come good.
Good luck guys, ive had enough. Not all Swindells fault but certainly could have handled it a lot better. Should resign for incompetence but wont as earning too much for doing feck all
Last post: getafgrip, 19 Jun 2024 19:27
From the number of Off-book trades & UT trades the market-makers look to be having difficulty even managing an orderly market in Deltic shares! Now with a Market Capitalisation of £7.5 m and declining & nobody wants it! As you say Purdey with not a word from the directors on this "transformational" situation!
Mooching,
Tombstoning! I've decided to buy the company when its Market Capitalisation is down to £10!
So my average was 3.75p, before 20:1 consolidation.
Soon to be back at 3.75p?
Depressingly ironic!
What an outfit, they haven't even bothered to update the website. Still got pensecola apparently!!!
Started: Olearney, 16 Jun 2024 20:08
Last post: moniman, 17 Jun 2024 12:51
Green energy in the UK and Europe is only beneficial to protect us from hostile Fossil Fuel exporting countries like Russia and Iran. As for saving the planet it won't work so long as countries in Asia and Africa keep expanding their populations into the tens of billions. You might as well go get yourself a gas guzzling V8 whilst you still can and as for Air Source Heat Pumps, don't forget to buy a sack full of electric duvets and a onesie 😳
I do not question anyones integrity including my own.
Prevous comments indicate my intentions
I like balance in any discussion.
I look forward to positive outcome on Selene, Syros and 33rd third tranche.
GLA
Has always been known Green hydrogen is marginally more eco friendly than Blue, however Green requires much energy to create electrolysis. Operators building Hydrogen production using Natural Gas are very aware of CO2,and are engineering Carbon Capture facilities. Until economic methods come on stream, blue hydrogen will be a much cleaner fuel for the forseeable future.
Olearney realise your post is for balance even though the thread is about the future of Deltic Energy and it;s shareholders..
Do you support Deltic and it;s partners in the quest for Natural Gas that will produce Blue Hydrogen?
Disclaimer: Not a chemist or a thermal dynamics engineer
fd20 hydrogen is not the ideal green energy, to put the discussion on a fair footing
Blue hydrogen
Steam plus methane(Natural Gas) = Hydrogen plus CO2
Green Hydrogen
School chemistry
Electrolysis of H20 = Oxygen + Hydrogen
Lot of energy needed in blue generation. I suppose equally for steam generation. Hydrogen is, if I remember correctly, a global warming gas. Leaks as with Natural gas pipe network are inevitable?
Do not know efficiencies of these processes.
Yes investment is being put into hydrogen production but assume it is blue not the green type. Transitional?
Not arguing just adding balance, I hope.
Started: fairdealer20, 16 Jun 2024 11:56
Last post: fairdealer20, 16 Jun 2024 19:16
Getafgrip, correct Deltic have shared 50% of the original share in Selene. The remaining 25% on previously stated values means net values per share is worth almost 130p, more than 15x the current SP.
DP do not expect the Orwell pretenders to focus on Human survival in the UK. Being part of the indigenious population seems to be a crime. Ignore Politicians, if you are allowed, the only way to get the message across regarding the need to provide energy to support life and endeavour to reduce our carbon footprint, is some very loud voices to inform the essential need to produce Hydrogen. Equinor and BP know it. Is there an agenda to deny the truth??
Labour not even in power yet and they are already screwing up the country.
https://uk.finance.yahoo.com/news/watch-north-sea-platform-blown-121056359.html
"One wonders if Professor Milliband is aware and really understands the fundamental and significant use Hydrogen can and will contribute towards energy security and the race towards Net Zero, that he is pushing?"
In short, he has no idea about anything. He seems to be living in some sort of parallel world with no appreciation of how much is needed to transition to other forms of energy. Completely ignoring the fact that we still have 20+ million of gas boilers in private homes. Hey ho, let's just import from abroad, including from the Russians. Would expect nothing less from a Marxist's child!!!
FD - Deltic no longer holds a 50% share in Selene. From the Deltic website:
In February 2024, Deltic farmed down a further 25% of its interest in P2437 to Dana Petroleum (E&P) Limited. This transaction, in combination with the existing Shell carry, results in Deltic retaining a 25% non-operated interest in Licence P2437 and having no exposure to 2024 drilling and testing costs up to a cap in excess of current success case well cost estimates ($47M), provided by the Operator.
The deal also includes $500k in cash on completion in relation to back costs incurred by Deltic. Dana will carry Deltic for its residual cost exposure to the Selene well (after utilisation of the existing carry from the Shell farm-out) to a value of $5M, and $6M in a success case.
Dana will pay its 25% share of costs from 1 January 2024 and completion of the deal was on 2 April 2024.
Contd.
Future
Selene is due to be drilled shortly. Deltic has a 50% share and is covered for Drilling and development costs, we are told. Should Selene come up Trumps and confirm almost 300bcf of Natural Gas, we could be in clover, or in a similar position to what is now being experienced. It all hinges on confidence in the current CEO and Board, their skills in negotiations and foresight leaves much to be desired. The Green Lobby and Political cheer-leaders have been well known for a couple of years at least.
Green Energy
Something has remarkably slipped under the radar is the development of Hydrogen.
Hydrogen is one of the perfect green energies. Equinor and BP have realised the importance of Hydrogen, have planned and are building facilities at both Humberside and Teeside. These facilities require Natural Gas as a feeder stock. NS Gas fields are in close proximity to supply infrastructure.
One wonders if Professor Milliband is aware and really understands the fundamental and significant use Hydrogen can and will contribute towards energy security and the race towards Net Zero, that he is pushing?
On a positive note, the Future is bright providing Deltic Energy have the right Management Team in place who can promote and demonstrate the considerable benefits Natural Gas will provide to the Nation as a whole.
Wind- power and Solar panels are unreliable. Placing all eggs in one basket is highly dangerous as any experienced Business Person will testify.
Started: Rot1, 15 Jun 2024 11:21
Last post: Rot1, 16 Jun 2024 00:35
Dr,
I have
Rot
ROT, my feelings against the company right now are exactly as you describe, especially the fact that i'm up to my neck in this company. Foolishly I thought things were much more "derisked" as GS had earlier mentioned, with Pensacola and Selene drills to look forward to, until that bombshell RNS. There are so many unanswered questions here. I am not however convinced that calling for GS's head is the right thing until we know more - ideally from GS himself and the BOD. If he went, who would replace him, and how would that leave us and the relationship with Shell. This whole thing is so frustrating when we know nothing of what is really going on behind the scenes; and the relationship with Shell is still vital with respect to Selene now needing to be a success, otherwise it really is game over. What I'd love to know is why nobody was willing to farm-in to Pensacola at any price, or was GS playing hard ball and it backfired; and is Pensacola so risky in this current political environment that even Shell will turn their backs on it having now been handed it for free?
DP & ROT,
I still think there is an agenda behind the scenes that has governed what has happened with Pensacola.
Deltic were actively negotiating with several parties until the 12th June. Even if they accepted a deal to take on the costs + give Deltic £1 it is better than what has happened! Unless Deltic was negotiating to actually pay another company to take Pensacola off their hands which seems incomprehensible!
So we are where we are. To all intents and purposes the 30% ownership of Pensacola has completely gone! Big political points have been made regarding the future of NS Oil & Gas recovery. Shell is now covering 95% of costs, presumably with One-Dyas covering 5%. Shell appears to have obtained defaulted ownership of 30% of Pensacola for nothing.
Ownership of Pensacola still rests with the original partners, albeit excluding Deltic. No new part-owner of Pensacola has been introduced in spite of an extremely short, well-publicised "suddenly introduced" sales process. Shell now has complete freedom to compensate, or not compensate, Deltic at some point if Pensacola proves commercially viable, and they wish to act honourably! Or Shell may adhere to a "grey" agreement in the background, decided on by the three original partners.
Rot1, I think as many of us - as soon as possible - should write and demand answers. Surely they have some idea, but I guess they are also disputing this point with Shell - it is outright ridiculous, given they have taken over such an asset at no cost to them.
ir@delticenergy.com
What's the thoughts on this ? When GS dropped that bombshell that we are in for some costs for Pensacola already. There has been some site surveys and drill samples of sea bed, just a guess 3 or 4 £million so our costs probably £1 million, we will still have around £4 in the bank, Is there going to be more costs ? do we have to pay any upfront costs for the drilling rig ? could this bust the company ? this is my fear, none of this was was known and plan B should of been not to drill till they had a farm out, we need to know is GS keeping the PI's in the dark. I don't think She'll will do us any favours at all, they will probably feel duped as well having a partner in it now to have all the costs, but will probably be able to claim it back against tax, the thing i don't get is we couldn't give it away for cost, WTF.
As for Syros and closing the farm out they said it would conclude at the end of the year and now it's shortly have they got a deal ? or they now walking away from this and giving the licence back ? What a catastrophe Swindells needs to go.
Angry isn't the word. Rot
Started: NeilBWallace, 14 Jun 2024 14:55
Last post: moniman, 15 Jun 2024 10:33
The Labour Government are going to squeeze every last penny in tax out of the North Sea O&G industry, they know the companies won't walk away even if they are only making a small profit, but there is an outright ban on all new O&G licences under Labour's manifesto..work it out for yourselves, UK O&G industry is finished as a gold mine for investors. JMO Adyor!
My view is Labour Government while pushing Green, will quietly compromise after the election on North Sea Gas. They aren't going to run the risk of allowing people to freeze in the winter, green tech is not yet constant, Nuclear not fully online. Alternative gas sources unreliable or hostile. Hence took a punt here at low price. You win some, you loose some - but the reasoning seems to me fairly sound. That's the nature of this game.
Started: Olearney, 14 Jun 2024 13:00
Last post: Olearney, 14 Jun 2024 13:14
Threw not through
Government introduced ESIM. Potential Goverment has also signed up to its continuation
So try not to be too down on NS future, we can only wait and see. Maybe the calling of a snap election through a humongous spanner in the works did not help.
Just my naive view
Started: ItsNotDarkYet1, 14 Jun 2024 03:09
Last post: getafgrip, 14 Jun 2024 10:59
We all seem to agree that this is a complete "transformational disaster." With contracted cost implications projected into the future that could bankrupt Deltic. The company was completely inadequate in every respect in coping with the success of the Pensacola discovery.
Deltic were talking to interested parties right up to the deadline. There was interest, but it foundered on price, prospects and the changed political environment. The political scenario changed in an instant. The right to a fair share of luck completely evaporated.
I don't think Shell was at any point going to step in and directly intervene to save the situation. But Shell has enormous financial & industry muscle, and could easily have leaned on appropriate lenders and potential partners, to resolve the financial situation for Deltic. They chose not to!
Deltic may have simply become a political football. The impossible commercial & economic hurdles created politically with Manifesto pledges etc, could be highlighted by say Shell & other oil-majors withdrawing from a few NS projects, but the Deltic debacle makes much more profound statements on the viability of the NS.
Exploration & discovery of potential NS commercial assets is non-economic, funding is not available, the business model/case of small exploration companies like Deltic is completely flawed, the political situation is crippling, the tax situation is impossible etc.
With a trivial capitalisation and loss of involvement in one major project, Deltic may just be a sacrificial lamb in terms of Shell making a big, but cheaply funded, political point on the non-viability of the NS, the political minefield, and the attractions of heading for domicile in the US. Shell has as a minimum made the politicians focus on the reality of their policies impacting on jobs, investment, energy security & the NS.
The sage was talking about decent value stocks, not some xxxxshow as you rightly put it.
spencer and snellers investments are very small investments for spencer and sneller and bear little relevance to the current ****show. as the sage says, buy when others are fearful!
INDY, you are right. The best thing would actually have been a fund raise, but clearly Spencer and Sneller must have indicated they would not take part and there would be limited prospect for retail investors picking up their share. It may well have be concerns - given the current politIcal uncertainty- around Pensacola being large and needing substantial infrastructure development, which possibly can be read in Deltic's strategic adjustment highlighted in the latest RNS. However, then you really have to ask why Shell is continuing with the drill??
Selene is worth something and almost certainly a lot more than the current sp, but really aggravating that the upside multiple in effect has been cut in half.
DJM, politicians saying these things, yet f$ing up the home production (all of them). They are turning into enemies of the people. How bizarre. Did anybody ever wonder why the US economy is so robust? It's not all tech, they are also energy self sufficient.
David Cameron calls on Europe to turn off Russian gas to save Ukraine
The Foreign Secretary says the West must target Putin’s revenue streams as precisely as he is targeting Ukraine’s energy structures
Started: Candlestick, 11 Jun 2024 07:03
Last post: pipersand, 13 Jun 2024 22:38
This whole debacle takes getting your head around. I am still in total disbelief that Pensacola - supposedly the biggest oil and gas find in a generation - has no interest from any outside parties. Either we are being played some, the find has been way over exaggerated or the reality of the political risks are so dire we really are heading for energy armageddon. I like to think - the darkest hour is just before the dawn - but sadly I fear there might still be a way to go. A Labour victory does seem a shoe in right now, but if they do, I think they will have to rethink their idealistic "green" plans quickly when they realise the harsh costs of achieving that reality is going to come crashing down on them very quickly. It was earlier suggested on this BB whether the Russian govt are providing financial incentives to Labour and their allies to push for this green ideological madness, I wonder if there is some truth in that.
The Deltic BOD are blaming everything on politics, however they are culpable in this mess, and have made a complete strategic hash of things. I would love to know what Michael Spencer and Richard Sneller are thinking right now. It was only their faith that kept me invested in this outfit. Like so many on this board, I am so out of the money I am wondering if their is any way back, even if Selene is a success. Hopefully these are the darkest hours and their will be light at the end of this longest of tunnels.
My sentiments entirely. Rather depressing times ahead, in so many ways. I wrote to someone yesterday suggesting that the new Labour govt. should set up a Dept. for Pointless Quangos, Safeguarding & the Destruction of UK O&G. That should absorb some of the extra £7 billion in tax revenue.
Not all management fault. Our new government will demolish the oil and gas sector and will then import at huge costs as part of Green. sigh.
Shell themselves will leave the UK in time and take BP with them. The UK will freeze and property will be full of mould. But we will save the World as China and Russia will learn from us.....oh sure.
totally agree, smug ****
bada, i'll use those words. swindler is a greasy little shyster. at what point did he mention there was a hard stop to penascola negotiations at end-may or we could lose the license...? also, am i correct in saying the company could also be liable for costs associated with penascola as well...? even though we no longer hold any interest in the biggest south ns gas find in decades? has this been communicated?
should have seen from his **** eating grin photograph that he's a used car salesman masquerading as a ceo. gross mgt negligence in having no plan b, c or d. who the f@ck operates in this way...? and to not keep the market fully informed of the impact of the f/o falling through is unforgivable. and then the classic shyster move 'it's not my fault but the government'. both parties are ret@rded, but they've been consistently ret@rded for years. no excuses there, unless you're a shameless shyster. what a ****show he has overseen.
Last post: Olearney, 13 Jun 2024 19:32
The lengthy quote from manifesto mentions support for the ESIM.
Briefly reading about ESIM suggests that the govt will facilitate the obtaining of finance in support of oil and gas exploration in the UK continenal shelf. I think existing and new exploration. (All my words)
So manifesto says no new licenses but will support the ESIM. Disclaimer: tis but a manifesto.
So, we either disbelieve both or we accept both.
I, like others, am prepared to be shot down through lack of knowledge, not having read the whole manifesto or through lack of understanding.
GLA I hope
Started: Olearney, 13 Jun 2024 15:58
Last post: Ekimp, 13 Jun 2024 19:10
I hope you are right believe me
I am not here to argue.
No doubt you are right
But fools like me can be right too.
I am but an ol' learner.
I respect your views
I think the potential drilling costs are real don’t you?
I think Pensacola is real and not salvageable don’t you
A manifesto is just a manifesto is just a manifesto.
Many governments have not abided by what they say.
Its an offer to vote, a salesperson's hype or incentive to get you onboard. I suppose a bit like a share offering, no guarantees.
Nothing legally binding. We will need gas and oil, perhaps GB Energy will issue licenses. Not the government in waiting. The grand We does not cover others issuing. It is all about what is not said.
Time no doubt will tell. A fool and his money is soon parted so I topped up today.
GLA
Started: Gasatapeep, 13 Jun 2024 13:40
Last post: barnetpeter, 13 Jun 2024 17:54
The top faller today has gone from 61p to 0.3 in a few months. Lets hope a bounce and we can run away
Drop drop drop and a deadly silence. How low can it go?
Started: barnetpeter, 13 Jun 2024 10:07
Last post: barnetpeter, 13 Jun 2024 17:51
Meanwhile Labour today say electric only by 2030....its mid June and rather cold by 6 pm
I have written off my punt in Deltic and I suggest others do so. Just the wrong time. The company has lost a key asset and is definitely in the wrong place. Labour are going to get in with a landslide and confirmed again this week....no more licences etc. Whether North Sea or elsewhere how can anyone raise new money in the UK for OG? No chance of raising imo and I see all of this type of company going bust. The pension and other institutions will be told green only on July 5th I reckon and they wont look at anything. Shell is thinking about moving to the USA....of course they will and BP will follow. The cheers from the Left of the Labour party will be deafening.
This was tried in New Zealand and nearly demolished the economy. Emergency powers were put in for power cuts for domestic so that industry could continue. They managed to import enough and reverse the policy and the PM resigned......but I cannot see that happening here. Green is a religion here. If we freeze sobeit
Started: Rot1, 12 Jun 2024 21:17
Last post: Ekimp, 13 Jun 2024 15:22
Jack
I suggest GS winds this up fast
Close the luxury office get rid of the staff and await the results of Selene and sell to the highest bidder
ROT1,
The best time to approach a bank, is when you don’t need the cash. That is basic, so the BOD has failed abysmally.
Now the entire business model is uninvestable.
Jack
“Having spoken to Graham Swindells, every possible financing known to man, and a few not, have been tried recently to avoid this.“
My new investment strategy is as soon as Malcy mentions said company SELL, he was all for Hurricane before a crash of similar proportions to delt, doesn't seem that long ago either that he was saying delt look like a 10 bagger
If Malcy did speak to GS it's a shame he didn't ask him some more pertinent questions about the current situation 🤔
So Deltic has announced that it has had to finally quit the Pensacola process, this has been an increasingly likely prospect as the existing tax burden, added to by the uncertainty of the future offered by the Labour party in the current election has made everything unclear at best.
As the company say, fiscal volatility, negative political rhetoric and such has meant that any of the multiple solutions to the problem have been taken off the desk and left Deltic with no place to go. Uncertainty is the biggest enemy of investment and whilst we can understand that Deltic has tried every possible route we know that recent stoppages in developments, temporary of permanent have led to this.
Of course, with the clock ticking and the imminent arrival of the AFE from Shell ahead of the Pensacola well, Deltic are in a corner not of their own making and again as they say, have to take the only action left available to them and withdrawn from the process. Having spoken to Graham Swindells, every possible financing known to man, and a few not, have been tried recently to avoid this.
It is worth noting that Deltic has made a point of building a portfolio of opportunities to provide diversification and ensure their eggs are not all in one basket, indeed, unlike Pensacola which was a new play, Selene is a simple structure in an established well understood play fairway (Leman Sandstone) and the proximity to existing infrastructure means lower risk and accelerated timeline to first gas.
So investors should remember that Deltic is not just about Pensacola, notwithstanding the loss of the licence, Pensacola was nonetheless a significant discovery which exceeded expectations and the company is going into Selene with a 100% success rate.
Whilst the shares have taken a big hit since this was first announced, the company has other, significant assets in the portfolio to consider. With drilling on Selene imminent, understood to be next month for what might be described as an appraisal well, the future, despite what has happened today has significant upside.
The shares have clearly lost some of the unrisked upside from the price but with a portfolio that now includes Selene, with drilling on the way and already farmed-out to Dana Petroleum to the tune of $49m for an asset with substantial potential as it could possibly be brought onstream quite swiftly as it is close to infrastructure.
With Syros and a portfolio of 33rd Round acreage looking quite prospective there is still plenty to get excited about in Deltic and I feel that a Target Price of around 100p is not unrealistic, in which case the future does actually look very promising after the harsh fall in the share price this morning.
There is still at least two people who think there is a profit in this company.
Started: Chambery, 13 Jun 2024 14:07
Last post: Ekimp, 13 Jun 2024 15:16
Deltic needs to wind up the business cut costs and lay off all their staff now
Absolute shambles
"increase the rate of the levy by three percentage points, as well as removing the unjustifiably generous investment allowances."
I think that put the nail in the coffin for any investment into those new licences or existing, worthless and costly to Deltic.
Nothing new in the Labour manifesto. They have been saying this for months.
No North Sea exploration/production = no taxes, so let's see.
LABOUR Manefesto 2024 Quote :
“We will not issue new licences to explore new fields because they will not take a penny off bills, cannot
make us energy secure, and will only accelerate the worsening climate crisis. In addition, we will
not grant new coal licences and will ban fracking for good.
To support investment in this plan, Labour will close the loopholes in the windfall tax on oil and gas
companies. Companies have benefitted from enormous profits not because of their ingenuity or investment, but because of an energy shock which raised prices for British families. Labour will
therefore extend the sunset clause in the Energy Profits Levy until the end of the next parliament. We will also increase the rate of the levy by three percentage points, as well as removing the unjustifiably generous investment allowances. Labour will also retain the Energy Security Investment Mechanism. investment”
Started: steelwatch1, 13 Jun 2024 00:52
Last post: steelwatch1, 13 Jun 2024 00:52
Last Updated: 9 hours ago
Rig move - Valaris 123
Valaris 123 drilling rig will be moving from the Erskine field to the Selene field weather depending on the Monday 1st July and be under tight tow to the Selene field with estimated arrival on Wednesday 3rd July
https://kingfisherbulletin.org/notice-map?noticeId=4202
GLA
So why are we still talking on Shell, Deltic and other boards? OR even throwing more money at it like Shell and others?
Because we know we are going to lose all our money?
Because we know oil and gas are here for decades ?
I know which I believe. Dyor
Interesting deltic includes in description 'mining'
Started: DrPatience, 12 Jun 2024 12:58
Last post: moniman, 12 Jun 2024 17:56
Labour, Liberals and Green will shut down all North Sea O&G very soon imho. The communist party in Russia are probably secret donors...? Is Corbyn still in charge makes you wonder? 🤔
From ADVFN:
apotheki: DAILY TELEGRAPH
North Sea company run by Labour campaigner abandons project because of ‘negative political rhetoric’
Labour is threatening to raise the windfall tax on the oil and gas industry and ban new drilling in the North Sea
An oil and gas company run by a Labour campaigner has blamed “negative political rhetoric” for its decision to abandon work on one of the most significant discoveries in the North Sea.
Deltic Energy on Tuesday blamed “deteriorating sentiment towards the oil and gas industry as a result of ongoing fiscal volatility and negative political rhetoric in the run-up to the July election” for its decision to walk away from the Pensacola field.
It comes as Labour threatens to raise the windfall tax on the oil and gas industry and ban new drilling in the North Sea.
The proposals have already prompted several other operators to walk away from projects. Jersey Oil and Gas last week told investors that the work on the Buchan field will be postponed for at least a year because of the political uncertainties.
In April, Harbour Energy, the North Sea’s biggest producer, said it would cut a fifth of its workforce because of the windfall tax.
Mark Lappin, Deltic’s chairman, is Labour’s election agent for West Aberdeenshire and Kincardine, according to The Times.
However, the company has been critical of Labour’s North Sea policy. In April, Deltic hit out at the “continual tinkering with the energy profits levy and resultant fiscal uncertainty created by the current government, along with recent rhetoric emanating from the Labour Party”.
In a recent LinkedIn post, Mr Lappin said the UK’s oil and gas industry was being “treated like a political football” in the election campaign.
Pensacola is estimated to contain around 99 million barrels of oil equivalent and is one of the largest discoveries in the North Sea of the last decade.
Deltic said it had been unable to secure backing or financing for a Pensacola appraisal well.
Pensacola is a joint venture with Shell and Dutch company One-Dyas and Deltic said it would withdraw from the project and transfer its interest to the company’s partners.
It warned: “It is expected that Deltic may be required to honour certain expenditure in relation to the appraisal well.” The sum may be “material̶1;, it added.
Shares in the company, which is listed on the Alternative Investment Market, plunged 17.9pc on the update.
Graham Swindells, chief executive of Deltic, said: “Recent history in relation to large scale discoveries such as Cambo and Rosebank has demonstrated the difficulties associated with progressing major offshore developments on the UKCS [UK continental shelf] as damaging political rhetoric and fiscal instability continue to undermine the sector. Etc..."
I have been expecting a letter concerning this Company any day now , from Jarvis .
Started: Robsroom, 11 Jun 2024 16:31
Last post: DrPatience, 12 Jun 2024 12:15
Djm, it's something imposed by the platform you are using. I am using Interactive Investor, which allows you to buy and sell whatever you want. No limits.
To check the maximum quantity you can hold for a specific instrument, you can visit the Trading 212 website and navigate to the 'More' tab, then select the 'Trading Instruments' section. You will find information about the maximum position and order size for each instrument in our portfolio. Please note that these maximum quantities are subject to change and can be influenced by factors such as market conditions and risk management practices.
Djm, sounds odd. Must an issue with your provider?!
No liquidity issues, I have added several blocks this AM of 20k+ shares.
Trading platform won't let me buy more than 7500 shares as I already have that amount why is this can't be legal suppress my right to buy what I want . I can average down now
Free money for shell. There is no way this won’t be developed at a fat profit. Bad for my Cluff/Delt investment. Good for my Shell pension.
Last post: DrPatience, 11 Jun 2024 16:42
****ty behavior by shell, in reality it costs them virtually nothing to drill due to the (current) generous allowances. that's not great for a partnership. very odd and sad. i am saying this a holder of a good amount of shell shares. had not expected this. i guess every dog has it day (maybe...)
MGW's bucket list share when it was 40p at the start of the year, he still thinks its worth a £1 with Selene alone.
There seems a lack of goodwill from Shell towards a small company they have worked with for a number of years. I know business is business, but!!
I await being shot down in flames.