Great board on paper???? These are probably the worst on aim and the strategy they continually change comes without a credible plan. Ferguson was buying block energy at 10p and was more concerned about that than the company he is employed by. Personally if this gets another spike to 2.5p, take it and run.
Licence P2428 is covered by 2D data reprocessed by the company and the company believe they have identified significant opportunities in Zechstein, Leman Sandstone and the deeper Carboniferous section with TCF potential. This area and play has attracted significant attention for the Zechstein play in particular. Of note is that certain parties have requested an early review of the work that the Company has completed in this area to date. In addition, the likes of Shell are pushing ahead at pace to unlock the potential that exists on this play opener. The formal farmout process started in December 2020 and my personal view is that news is very close on this exciting play opener.
With existing infrastructure on the block and also located close to significant offshore wind generation infrastructure, there are a number of further opportunities for emission reduction platforms or electrification to offshore generation exported via the wind farms and hydrogen generation processes using electricity.
Cluelesstim. The cash burn is 2m a year and both Pensacola and Selene is fully funded. Any funds needed in 2022 with be to progress activity and advance farmout candidates.....the name of the game is at what price. I think you might get a surprise on progress in the YE results
Long wait. It’s too hard to evaluate true value of Pensacola and Selene as there is so many factors I.e discovery net pay, flow rate, gas prices. I am fairly confident DELT will be a £100m + capped company by May 2022.....from a £25m cap now, that’s another 3 bagger.
??Cash position ~£12m and no debt.
??Pensacola (30%) full 3D coverage 309bcf with 55% GCOS. Fully funded and to be drilled with Shell UK may 2022 - DELT well cost between £3-£4m.
??Selene (50%) full 3D coverage 629bcf with 70% GCOS and Shell are treating this as an appraisal drill within close proximity to existing Shell infrastructure. It’s expected this will be drilled in 2022 but await the well investment decision, expected shortly. Shell to carry half of DELT’s costs and paid $600k upfront. Delt are fully funded for their share of drill costs anticipated at £4m.
??Cupertino (100%) interest and recently started the farmout process. 850bcf of P50 resources off 3 prospects. Big claims by the company that this block is the next Cygnus (uk’s biggest gas field). Major discoveries around this block and is located close to significant offshore wind infrastructure that may provide a number of innovative development opportunities.
??Dewar (100%) interest and is a drill ready oil play already with 3D across the block. Farmout commenced before the covid outbreak and was subsequently shelved with the low commodity price. The NPV for this project is £550m at $60 oil and is very close to existing infrastructure.
??Cadence (100%) interest and is a drill ready oil play already with 3D across the block. This block was previously successful in finding a partner in 2018, only to find that that couldn’t prove sufficient finances to complete the transaction. Delt lost the licence block due to not being able to fulfil the work commitments and was regranted this block in the 32nd licensing round. The targets on this block are multi TCF.
Deltic Energy Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, is pleased to announce its interim results for the six months ended 30 June 2020.
Highlights
• The Company has retained a strong balance sheet with cash of £12.8m as at 30 June 2020 (30 June 2019: £0.6m)
o Fully funded for operations (including Deltic’s share of the Pensacola and Selene wells)
o FurtherreducedG&Acostsbyc.25%topreservecashwhilestillprogressingtheCompany’s
core assets. The Company is now fully funded until at least mid-2022
At the negativity here. Pensacola is now in the drill slot for May 22. Selene could be another candidate we hear about soon. Working capital to last until mid 22 and 2 drill fully funded with 55% and 70% GCOS respectively. If you listened to Graham Swindells yesterday it would appear we are going to hear farmout news shortly on either dewar, cadence or curpurino. One of them comes in and we are away
This board are totally clueless. They claim a success of taking 2 years to sell assets at nil value. Best bet is for them to return any asset money back to shareholders