DELT16 Jul 2023 13:57
Deltic Energy (DELT) announced a significant increase in the Pensacola resource estimate and also nearly doubled its share price. Following post well analysis, DELT now estimates the Pensacola structure to contain gross P50 initially in place volumes of gas and oil of 342 million barrels of oil equivalent and almost double the volume of recoverable gas and oil than originally thought, with Deltic now estimating total gross P50 estimated ultimate recovery of around 99 million barrels of oil equivalent, up from 50 million barrels of oil equivalent immediately after well completion. Significantly, DELT now estimates Pensacola contains material volumes of oil, representing around 30% of the combined recoverable hydrocarbons and says work is progressing with partners to develop the appraisal and development programme for Pensacola with an appraisal well being targeted for late 2024.
From Oil Man Jim