Member Info for ExpGeoscientist

Drop is probably down to anyone who has broken even after years in the red abandoning ship. This share is odd, the only oil company I’ve ever invested in that drops after a discovery or drops on positive news. Likely due to their history of mishandling things. I got burned, averaged down yesterday hoping for a bigger bounce today and now burned again.

Good news and down she goes. This stock continues to baffle. Be better off with a slot machine!

good luck all ye souls. been trying to ditch my worthless holding but no buyers for the past week.

not sure on viaro's strategy. could probably buy a majority stake for peanuts and would avoid the nsta hassle. but given the shell deal has fallen through and their ability to operate in the uk is in question, i can't see the logic. not sure who's going to end up dealing with selene as shell presumably are still the operator but all their staff have gone to adura.

another uk oil and gas ****show. can sadly see this going to zero now unless someone's keen to take a punt.

Indeed - I was only going off of the 2023 filings as there isn't data on Companies House for 2024 yet, so appreciate my info is out of date, but it is/was indicative of approximate remuneration of directors. Given the amount of discussion this topic gets, might as well put some actual evidence based research into the mix.

Directors salaries are subjective on many things, but a gut feeling is that Deltic are paying very well for their relative performance and market cap. Up to them of course, but understand when the SP is at the bottom and the cash in the bank is disappearing at a rate of knots, people are going to question what they do for their money.

As I said, up to them, they're the ones that have to face the fallout at the AGM.

A cursory glance at Companies House would suggest that in 2023, Mr Swindles was paid a total of £399,518, of which £301,839 was Salary and a bonus of £60,368, the rest being pension and benefits. Mr Nunn was on £371,471 of which £282,979 was salary with a £56,596 bonus. Mr Lapin, £66,660 and Mr Cowley and Nichol £33,330.

For comparison, this is about the same as the CEO of Neo Energy, a company with producing assets and 2024 Profit post tax of £541million...

Think this will stall for a while. Post well studies and process takes up to a year at times in my experience. Realistically, no sale process will complete pre-FID as without commitment from the operator, there's not really anything to sell if you want to extract max value. Factor in the Viaro/Shell sale and that's probably why things are quiet. As a Deltic holder, I'm far happier about Rockrose/Viaro taking over from Shell as Selene will rank highly for them and not be pitched against Shells global portfolio.

I would expect an announcement following completion of the Shell/Viaro take over and some clarity on the way forwards.

I’d bet it’s probably already going to Viaro, makes no sense to Shell given the sales of infrastructure. Question is will Viaro or Dana buy out Deltics share. Pretty sure it will become clear once the Viaro deal has gotten regulatory approval. Viaro are a far more active buyer, so could be good news.

Whatever happens, it’ll take a while for ES approval of any FDP following the Finch case, so best hope for fast monetisation is Deltic sell out quickly as cant see first gas before 28. I’ve this pegged to jump in the new year once the post drill studies start closing out.

As you suggest, it’s unlikely that Shell or Dana would be offering money for Deltics 25%, just proceed as normal toward development and wait for them to run out of cash and absorb the equity for free. Monetisation will be if there’s a 3rd party farming in. Unfortunately Pensecola has muddied the water since Deltic now have form for having to withdraw. That said, while in a previous post I accused Deltic of Hubris trying to carry Pensecola through to appraisal, there’s no certainty it will ever be developed so the value loss may still be nil. Technically, it looks an appraisal nightmare, hugely expensive and the appraisal well could easily be termed a second exploration well and thus dry.

Selene looks profitable, would be looking for a small PE backed player like the Rockrose of old to swoop in, and be along for the ride.

DrP

Monetisation already on the cards, given the news in Energy Voice today - https://www.energyvoice.com/oilandgas/562708/deltic-contemplates-selene-stake-farm-down-to-reach-fid/

My hunch is that they won't have much trouble farming this down, especially with the transfer of Shells interest to Viaro who want the gas over their infrastructure. It's also good news to have a company like Dana along who are actively chasing gas (3 discoveries over the past 12 months it seems (Westwood Energy info), so would assume would want to develop Selene quickly, and with as much equity as possible.

Selene is a completely difference preposition than Pensecola. the latter was a costly show of hubris by Deltic, who were never big, nor well funded enough to be in a play opening discovery and take it to FID. The field looks to be an appraisal nightmare, and several billions in capex (they still don't exactly know where the reservoir is). They 'should' have tried to do a deal to sell out the moment it was discovered. Selene should be a cheap and easy tie back, and with the reservoir apparently being better than expected, with fewer wells. With the Viaro's, Petrogas' and other well funded companies in the neighborhood, I would expect Selene to progress fairly quickly. The question is with the SP so low, is it easier to buy the interest in Selene, or just buy Deltic.

RE:JV - usually would be a voting pass-mark of around 70%, so 2 of 3 of the parties would have to agree to go to development/authorize expenditure. Each JOA is different though, so have no idea what the pass mark is for Selene. Don't expect any big news on the way forward this side of Christmas however, given how long the post drill studies usually take.

At what point does the SP get driven down so much it’s an easy M&A target? Never seen a company’s value fall so much on a discovery before.