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%.
"We are delighted to have strengthened the P2437 JV with the addition of an established operator like Dana who have a long history of successful exploration and development in the Southern North Sea. As a result of the transaction Deltic retains a material stake in one of the highest impact UK exploration wells planned in 2024 while effectively eliminating our estimated cost exposure to the exploration well, which remains scheduled to commence in [the third quarter of 2024]. I look forward to updating the market as we progress through a very exciting year for Deltic, including our active and ongoing process to realise value and farm down our Pensacola discovery," says Chief Executive Officer Graham Swindells.
Current stock price: 31.00 pence, up 17%
12-month change: down 43%
By Sabrina Penty, Alliance News reporter
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Deltic Energy (DELT)