Deltic Energy interim loss widens as expenses increase

(Alliance News) - Deltic Energy PLC on Tuesday reported an increased loss in the first half of 2023, as expenses were higher.

The London-based natural resources investor said pretax loss in the first six months of 2023 widened 11% to GBP1.1 million from GBP1.0 million a year prior. Administrative expenses increased 33% to GBP1.4 million from GBP1.0 million. The company makes no revenue yet.

Deltic Energy reported a finance income of GBP239,309, up from GBP11,662 a year ago.

Looking ahead, Chair Mark Lappin said: "We now have assets at all stages along this conveyor belt; a portfolio of opportunities which are moving through the process from a successful Pensacola discovery, far along the conveyor belt, to Selene drilling plans, through to opportunities that are under assessment, and back to licences expected to be added via the current licensing round."

However, he added: "Alongside this, on the demand side, we have a society highly dependent upon these resources, spending more on the import of these resources than on national defence or education."

The company on Monday reported that site survey works relating to its Selene exploration licence P2437 in the southern north sea has started. Deltic expects drilling operations at Selene to start in mid-2024.

Deltic Energy shares were 0.4% lower at 29.38 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News reporter

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