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Share Price: 18.25

Bid: 18.00

Ask: 18.50

Change: 1.75 (9.59%)

Spread: 0.50 (2.778%)

Open: 18.25

High: 20.00

Low: 20.00

Prev. Close: 18.25

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IN BRIEF: Deltic Energy says Pensacola drilling operations have begun

Wed, 23rd Nov 2022 11:17

Deltic Energy PLC - London-based natural resources investing company - Says that the Maersk Resilient rig has been safely installed on the Pensacola location, a Zechstein Reef prospect in the southern North Sea. The news was confirmed by Shell UK Ltd, the operator of Licence P2252, and drilling operations have now commenced.

Deltic has a 30% working interest in the licence. The drilling operations are expected to last between 60 and 90 days and the plan is to plug and abandon the well once these are complete.

Chief Executive Graham Swindells says: "We are excited to have commenced the well operations of our first exploration well on the Pensacola gas prospect. Pensacola is a high impact, potentially play opening prospect and represents what we hope will be the first of many wells as the company continues to implement its strategy to identify opportunities and discover gas to support the UK's energy needs."

Current stock price: 3.28 pence, down 6.4% on Wednesday

12-month change: up 65%

By Holly Beveridge; hollybeveridge@alliancenews.com

More News

3 May 2024 16:54

EARNINGS AND TRADING: Deltic's new licences; Roadside AIM restoration

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

30 Apr 2024 12:07

IN BRIEF: Deltic Energy says Pensacola on track to be drilled in 2024

Deltic Energy PLC - London-based natural resources investor focused on assets in the southern North Sea - Says it is yet to secure a farm-out partner for the Pensacola asset, as it grapples with a "hostile political environment". Explains the UK energy profits levy, "resultant fiscal uncertainty created by the current government" and unfavourable "rhetoric" from the opposition Labour Party has hurt North Sea investment. "This has resulted in many operators diverting capital away from the [UK Continental Shelf] or delaying investment decisions, especially with respect to new large-scale opportunities like Pensacola." Adds: "although there are a number of live discussions with respect to a way forward on Pensacola, there is a risk that a farm-out may not be secured before the end of May 2024." It also warns that tough market conditions mean "accessing traditional equity capital" is not a viable option for the company to fund its share of the Pensacola well costs. It warns of a possible withdrawal from Pensacola if a funding solution is not in place by the end of next month. The firm holds a 30% interest in Pensacola. Says Pensacola remains on track to be drilled in the final quarter of 2024.

30 Apr 2024 11:15

AIM WINNERS & LOSERS: Deltic warns on Pensacola; IG Design profit beat

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

3 Apr 2024 15:15

TRADING UPDATES: Sutton Harbour refutes Plymouth City Council claims

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

7 Feb 2024 15:20

Canaccord Genuity lowers target price on Deltic Energy

(Sharecast News) - Analysts at Canaccord Genuity lowered their target price on exploration and development firm Deltic Energy from 185.0p to 160.0p on Wednesday following the recent farm-out of 25% of UK licence P2437.

7 Feb 2024 13:13

Deltic Energy strikes farm-out deal on Selene Prospect

(Sharecast News) - Natural resources investing company Deltic Energy announced a significant agreement regarding licence P2437 and the Selene Prospect on Wednesday, as it entered into a farm-out deal with Dana Petroleum, transferring a 25% interest in the licence while retaining a 25% non-operated equity interest.

7 Feb 2024 12:04

IN BRIEF: Deltic Energy rises on Selene farm-out to Dana Petroleum

Deltic Energy PLC - London-based natural resources investor focused on assets in the southern North Sea - Enters into an agreement regarding a farm-out of a 25% interest in its P2437 licence containing the Selene prospect in the Southern North Sea, to Dana Petroleum (E&P) Ltd. Says it will have no exposure to 2024 drilling and test costs, but retains a 25%.

5 Feb 2024 16:55

IN BRIEF: Deltic Energy hails rig deal for P2437 and P2252 licences

Deltic Energy PLC - London-based natural resources investor focused on assets in the southern North Sea - Celebrates as Shell UK Ltd, which operates the P2437 and P2252 licences, has confirmed the signing of a rig contract with Valaris. The deal, which is for the drilling of both the Selene and Pensacola wells, will use a heavy duty jack-up rig known as Valaris 123. Contract and mobilisation should start between June and July this year, with the wells drilled sequentially.

1 Feb 2024 18:47

TRADING UPDATES: Live Co stalls results; GCM requests suspension lift

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

19 Jan 2024 13:03

Deltic reports latest findings from Pensacola Discovery

(Sharecast News) - Natural resources investor Deltic Energy reported on the findings of a competent person's report (CPR) for the Pensacola Discovery on Friday.

19 Jan 2024 10:41

Deltic Energy says North Sea joint venture could net USD205 million

(Alliance News) - Deltic Energy PLC on Friday said that promising results had emerged from a third-party assessment of its joint-owned Pensacola Discovery reef.

3 Jan 2024 13:48

Deltic Energy achieves 'Carbon Neutral Business' status

(Sharecast News) - Deltic Energy announced its status as a 'Carbon Neutral Business' on Wednesday, as certified by Carbon Neutral Britain.

3 Jan 2024 08:37

IN BRIEF: Deltic Energy awarded carbon neutral certification

Deltic Energy PLC - London-based natural resources investor focused on assets in the southern North Sea - receives carbon neutral certification on Wednesday following assessment by Carbon Neutral Britain Ltd. The company's scope one, two, and three emissions for the year ended October 31 were assessed by the voluntary carbon offsetting organisation. All of Deltic's corporate emissions have been offset through independently verified carbon offsetting projects. The certification will require annual renewal.

18 Dec 2023 18:33

EARNINGS AND TRADING: Goldplat profit tumbles despite revenue jump

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

18 Dec 2023 09:59

Deltic Energy makes progress at Pensacola, Selene

(Sharecast News) - Southern North Sea natural resources investor Deltic Energy updated the market on its Pensacola and Selene projects on Monday.

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IN BRIEF: Deltic Energy says Pensacola drilling operations have begun

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