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(Alliance News) - Deltic Energy PLC on Wednesday announced a major gas and oil discovery at Pensacola on its P2252 license in the Southern North Sea.
Shares in the London-based natural resources investing company jumped 18% to 3.18 pence each on Wednesday morning in London.
Deltic said the discovery at Pensacola could be one of the largest natural gas discoveries made in the Southern North Sea in more than a decade.
The pre-drill volumetric for Pensacola, confirmed by Deltic's first exploration well operated by Shell UK Ltd, points to an estimated ultimate recovery of 302 billion cubic feet of gas the company said.
The firm added the flow rate of about 4.8 million standard cubic feet per day, reducing to 1.8 million cubic feet 12 hours after the test, was in line with its pre-test expectations, based on the reservoir parameters.
Chief Executive Officer Graham Swindells said: "This discovery is a major milestone in the development of our Company as we continue to execute our exploration led strategy and progress our portfolio of high-quality drilling opportunities as we seek to create value for our shareholders.
"We believe that the Pensacola discovery will open a new Zechstein play in this mature basin and highlights the remaining potential of the North Sea as a source of further discoveries which can provide domestically produced natural gas, supporting UK energy security while we transition toward a net zero economy."
The company said the presence of mobile gas and oil in the primary Zechstein Hauptdolomite carbonate target interval was confirmed using wireline logs.
By Harvey Dorset, Alliance News reporter
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