TIDMDELT
RNS Number : 2296P
Deltic Energy PLC
08 February 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018 ("UK MAR"). With the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
8 February 2023
Deltic Energy Plc ("Deltic" or "the Company")
Pensacola Gas Discovery
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 a significant gas and oil discovery at Pensacola on
Licence P2252 in the Southern North Sea.
Highlights
-- Pensacola could represent one of the largest natural gas
discoveries in the Southern North Sea in over a decade.
-- Deltic pre-drill volumetrics for Pensacola confirmed by well
- P50 Estimated Ultimate Recovery ('EUR') of 302 BCF.
-- Well opens a new Zechstein play in this mature basin.
-- Flow test results inline with Deltic's pre-test expectations
based on the reservoir parameters derived from the well.
Graham Swindells, Chief Executive of Deltic Energy, commented:
-
"Deltic's first exploration well at Pensacola has resulted in a
highly positive outcome and, at approximately 300 BCF, would
represent one of the largest natural gas discoveries in the
Southern North Sea in over a decade. This discovery is a major
milestone in the development of our Company as we continue to
execute our exploration led strategy and progress our portfolio of
high-quality drilling opportunities as we seek to create value for
our shareholders.
We believe that the Pensacola discovery will open a new
Zechstein play in this mature basin and highlights the remaining
potential of the North Sea as a source of further discoveries which
can provide domestically produced natural gas, supporting UK energy
security while we transition toward a Net Zero economy.
As we continue our preparations for drilling the Selene well, we
are now looking forward to working with our partners as we continue
to progress this exciting and significant gas discovery at
Pensacola, and look forward to updating the market on our future
plans. "
Well 41/05a-2, operated by Shell UK Ltd ("Shell"), reached a
total depth of 1,965 metres true vertical depth subsea ("TVDSS")
and the presence of mobile gas and oil in the primary Zechstein
Hauptdolomite carbonate target interval was confirmed via wireline
logs. The well encountered the top Hauptdolomite reservoir at 1,745
metres TVDSS and confirmed a reservoir thickness of 18.8 metres
with better than expected porosity averaging 16%. As planned, t he
well penetrated the edge of the Pensacola structure in a down dip
location and has proven a substantial hydrocarbon column.
Post acidization, the well flowed gas at peak rates of c. 4.75
mmscf/day declining to 1.75mmscf/day after the 12 hours of the
test. These results are in-line with Deltic's pre-test expectations
based on the reservoir parameters derived from the well. Being
located down dip, t he flow rates observed during the well test are
not expected to be representative of flow rates of potential future
production wells which would likely target the central part of the
Pensacola structure and are expected to generate higher rates.
Light oil with a preliminary gravity of 34-36 deg API was also
produced at a rate of approximately 18 bbls/day during the well
test. The potential of this oil with respect to the Pensacola
opportunity is yet to be determined.
Based on the data collected during drilling and testing, Deltic
has updated its volumetric models and now estimates the Pensacola
discovery to contain P50 EUR of 302 BCF (P90 to P10 Range = 164 to
519 BCF) which are fully aligned with Deltic's pre-drill
guidance.
Following completion of the well test programme, as planned and
previously stated, the well will now be plugged and abandoned in
line with the usual procedure for a well of this nature, and the
Noble Resilient will be de-mobilised from site. The net cost to
Deltic of drilling the Pensacola well is expected to be GBP11.1m
reflecting certain additional operational requirements during
drilling, weather conditions, additional testing costs, as well as
market influences, including inflation and exchange rate
movements.
Deltic will now i ncorporate the findings from the well into its
geological and commercial models and work with the Joint Venture on
the forward appraisal and development plan.
Following this discovery, in line with the Company's strategy,
Deltic will consider all options in relation to its interest in
Pensacola including appraisal and development as well as potential
full or partial monetisation of value. Deltic remains committed to
maximising shareholder value from the discovery and across its
asset base.
Deltic retains a 30% working interest in Licence P2252 alongside
Shell (65%) and ONE-Dyas (5%).
**S**
For further information please contact the following:
Deltic Energy Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn / Sarah McLeod
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328
5656
David Hart / Alex Brearley (Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker) Tel: +44 (0) 20 7710
7600
Callum Stewart / Simon Mensley / Ashton
Clanfield
Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 20 7523
Adam James / Gordon Hamilton 8000
Vigo Consulting (IR Adviser) Tel: +44 (0) 20 7390
0230
Patrick d'Ancona / Finlay Thomson / K endall
Hill
About Deltic Energy Plc
Deltic has created a strategically located portfolio of
high-quality gas exploration licences in the Southern North Sea
over a number of licensing rounds. These licences are located in
areas that have been underexplored despite significant discoveries
such as Tolmount, Breagh, Pegasus and Cygnus, most of which have
gone on to be developed and could provide ready access to export
infrastructure for any future developments on Deltic's licence
acreage.
Qualified Person
Andrew Nunn, a Chartered Geologist and Chief Operating Officer
of Deltic, is a "Qualified Person" in accordance with the Guidance
Note for Mining, Oil and Gas Companies, June 2009 as updated 21
July 2019, of the London Stock Exchange. Andrew has reviewed and
approved the information contained within this announcement.
Standard
Estimates of resources have been prepared in accordance with the
PRMS as the standard for classification and reporting.
Glossary of Technical Terms
degAPI: a measure of the density of
crude oil, as defined by the
American Petroleum Institute
bbls/day Barrels per day
---------------------------------------
P RM S: the June 2018 Society of Petroleum
Engineers ("SPE") Petroleum
Resources Management System
---------------------------------------
BCF: Billion Cubic Feet
---------------------------------------
mmscf/day: Million standard cubic feet
per day
---------------------------------------
P90 resource: reflects a volume estimate that,
assuming the accumulation is
developed, there is a 90% probability
that the quantities actually
recovered will equal or exceed
the estimate. This is therefore
a low estimate of resource.
---------------------------------------
P50 resource: reflects a volume estimate that,
assuming the accumulation is
developed, there is a 50% probability
that the quantities actually
recovered will equal or exceed
the estimate. This is therefore
a median or best case estimate
of resource.
---------------------------------------
P10 resource: Reflects a volume estimate that,
assuming the accumulation is
developed, there is a 10% probability
that the quantities actually
recovered will equal or exceed
the estimate. This is therefore
a high estimate of resource.
---------------------------------------
Estimated Ultimate Recovery Estimated Ultimate Recovery
('EUR'): is defined as those quantities
of petroleum which are estimated,
on a given date, to be potentially
recoverable from an accumulation,
plus those quantities already
produced therefrom.
---------------------------------------
TVDSS: True Vertical Depth Sub-Sea
---------------------------------------
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