New typos on here but worth a read http://www.allenbycapital.com/research/research-delt_7_3998971397.pdf
We are still waiting to know when Selene will be drilled and maybe the multi tcf cadence will be drilled sooner than thought. There is no doubt the share price will keep rising as we get closer to May 2022....I would say this last deal will move things north with still cortez and dewar to farm down. Remember 4 of the 5 licences were only granted 10 months ago.
I don’t think you understand the costs involved in getting the 5 licences to a point of drill or drop. 3D over this area will probably cost £25m as it’s a massive area. We keep 40% on Cupertino and cadence and will pay 30% of any drill costs of the first well. These wells will cost less than $20m so £4m a shot for Deltic when any well decisions are made in the future. It’s a great deal with another player with deep pockets