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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Deltic Energy Plc | DELT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.25 | -2.94% | 8.25 | 13:14:58 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.75 | 8.25 | 8.75 | 8.50 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 12/6/2024 09:05 by apotheki DAILY TELEGRAPHNorth Sea company run by Labour campaigner abandons project because of ‘negative political rhetoric’ Labour is threatening to raise the windfall tax on the oil and gas industry and ban new drilling in the North Sea An oil and gas company run by a Labour campaigner has blamed “negative political rhetoric” for its decision to abandon work on one of the most significant discoveries in the North Sea. Deltic Energy on Tuesday blamed “deteriorating sentiment towards the oil and gas industry as a result of ongoing fiscal volatility and negative political rhetoric in the run-up to the July election” for its decision to walk away from the Pensacola field. It comes as Labour threatens to raise the windfall tax on the oil and gas industry and ban new drilling in the North Sea. The proposals have already prompted several other operators to walk away from projects. Jersey Oil and Gas last week told investors that the work on the Buchan field will be postponed for at least a year because of the political uncertainties. In April, Harbour Energy, the North Sea’s biggest producer, said it would cut a fifth of its workforce because of the windfall tax. Mark Lappin, Deltic’s chairman, is Labour’s election agent for West Aberdeenshire and Kincardine, according to The Times. However, the company has been critical of Labour’s North Sea policy. In April, Deltic hit out at the “continual tinkering with the energy profits levy and resultant fiscal uncertainty created by the current government, along with recent rhetoric emanating from the Labour Party”. In a recent LinkedIn post, Mr Lappin said the UK’s oil and gas industry was being “treated like a political football” in the election campaign. Pensacola is estimated to contain around 99 million barrels of oil equivalent and is one of the largest discoveries in the North Sea of the last decade. Deltic said it had been unable to secure backing or financing for a Pensacola appraisal well. Pensacola is a joint venture with Shell and Dutch company One-Dyas and Deltic said it would withdraw from the project and transfer its interest to the company’s partners. It warned: “It is expected that Deltic may be required to honour certain expenditure in relation to the appraisal well.” The sum may be “material̶ Shares in the company, which is listed on the Alternative Investment Market, plunged 17.9pc on the update. Graham Swindells, chief executive of Deltic, said: “Recent history in relation to large scale discoveries such as Cambo and Rosebank has demonstrated the difficulties associated with progressing major offshore developments on the UKCS [UK continental shelf] as damaging political rhetoric and fiscal instability continue to undermine the sector. “Although we have been unable to secure Deltic’s future involvement in the Pensacola project, it does not detract from the achievements of the team in identifying the opportunity, attracting a partner like Shell and raising the necessary capital to drill the initial discovery well.” Two years ago the Government imposed a levy on oil and gas producers’ profits. The tax has since been raised to a current level of 75pc, including corporation tax. Labour wants to increase this to 78pc. |
Posted at 11/6/2024 08:09 by sawney Any existing and potential investors in the NS are going to look at this and say..."what's the point".... |
Posted at 11/6/2024 07:45 by apotheki Pensacola Withdrawal and Portfolio UpdateDeltic Energy Plc, the AIM-quoted natural resources investing company with a portfolio of operated and non-operated exploration assets in the UK North Sea, provides the following update in relation to Pensacola and the wider portfolio. Licence P2252 - Withdrawal from the Pensacola Discovery Further to the Company's announcement of 3 June 2024, and despite an exhaustive process, deteriorating sentiment towards the oil and gas industry as a result of ongoing fiscal volatility and negative political rhetoric in the run-up to the July election have resulted in Deltic being unable to secure a farm-out or an alternative funding solution which would allow the Company to commit to its future commitments with respect to the Pensacola appraisal well. Therefore, the only appropriate course of action available to Deltic is to withdraw from the licence prior to further liabilities being crystallised following the Operator's issuance of the Authorisation for Expenditure ('AFE') for the well cost, expected tomorrow. In the course of this process, Deltic rigorously examined a wide variety of funding solutions which included potential industry partners, including our existing Joint Venture ('JV') partners, via traditional farm-out or asset sale, the equity capital markets (both traditional and non-traditional sources of capital), strategic investors, debt providers and commodity trading houses which can pre-pay for future gas deliveries. Accordingly, Deltic has formally notified the JV partners of Licence P2252 of the Company's intention to withdraw from the licence and begin the process of transferring its equity in the licence to the remaining partners in line with the Joint Operating Agreement. Regardless of Deltic's intention to withdraw from the licence, it is expected that Deltic may be required to honour certain expenditure in relation to the appraisal well which was approved by the JV prior to the withdrawal notice being issued. The value of the committed expenditure, which may potentially be material to the Company, will be established with the Operator following the formal withdrawal process, and it is expected that these costs may not become fully payable until H1 2025. Licence P2437 - Selene Drilling Update Very good progress continues to be made on the Selene exploration well which remains on track to commence drilling operations in the first half of July 2024, with operations expected to last approximately 90 days. Following a farm-out to Dana Petroleum earlier this year, Deltic retains a 25% working interest in the licence and has no cost exposure to the imminent well up to a gross success case well cost of USD$49M. The successful farm-out of the Selene project demonstrates that significant appetite remains for certain types of exploration assets within the SNS. In contrast to Pensacola, the 318 BCF (Gross P50 Prospective Resources) Selene prospect is a simple Leman Sandstone structure in an established, well understood play and located close to existing production infrastructure. In a successful outcome, it is considered unlikely that Selene will require further appraisal prior to field development planning commencing and could therefore be brought into production relatively quickly following discovery given the proximity of existing infrastructure. Licence P2542 - Syros Update Deltic is in the process of bringing the farm-out in relation to its 100% working interest in the Syros prospect to a close. While discussions are ongoing, there is no guarantee that these will be concluded successfully or result in a transaction. The Company will provide a further update once these discussions have been concluded. The Syros prospect is a modestly sized, low risk exploration target located in the Central North Sea which is in close proximity to established production infrastructure on the Montrose-Arbroath high. 33rd Licensing Round Update As previously announced, Deltic was provisionally offered two licences in Tranche 3 of the 33rd Licensing Round. In light of interest in and success of the Selene farm-out process, the Company has decided to focus its efforts on the licence award which contains the Pharos-Blackadder discovery. The Pharos-Blackadder discovery, located adjacent to production infrastructure associated with the West Sole field, is highly analogous to Selene and is considered by Deltic to be a better option with respect to attracting a partner and supporting future drilling activity in the current fiscal and political environment. Our approach to acceptance of 33rd Licensing Round awards is part of a conscious transition by the Company away from large scale, greenfield exploration projects like Pensacola and towards those infrastructure-led opportunities which are lower risk and have an accelerated cycle time from identification to first gas. Further information with respect to the Pharos-Blackadder opportunity will be provided once the formal award of the licence is made. Graham Swindells, Chief Executive of Deltic Energy, commented: "Recent history in relation to large scale discoveries such as Cambo and Rosebank has demonstrated the difficulties associated with progressing major offshore developments on the UKCS as damaging political rhetoric and fiscal instability continue to undermine the sector. Although we have been unable to secure Deltic's future involvement in the Pensacola project, it does not detract from the achievements of the team in identifying the opportunity, attracting a partner like Shell and raising the necessary capital to drill the initial discovery well. Despite our disappointment at not remaining involved in Pensacola, the technical and commercial skills and experience demonstrated on the asset will be critical as we now focus on the Selene opportunity and similar infrastructure-led projects such as Syros and Blackadder. We believe these can be brought onstream more quickly, help maintain the viability of existing infrastructure and defer decommissioning of key production hubs which continue to generate interest despite the general malaise affecting the UK E&P industry. While the current situation is clearly disappointing, this is where the diversity and quality of the Deltic asset base demonstrates its value and we will be working tirelessly on behalf of our shareholders to ensure that we capitalise on those foundations starting with the imminent drilling operations on the Selene gas prospect. This, on its own, we estimate to be worth multiples of the Company's current market value and can play an important role in the maintenance of the UK's security of domestic energy supply when it has never been more important." |
Posted at 05/6/2024 07:31 by ashkv If a fellow investor attended the AGM and has any information to share it would be very welcome.Thank you in advance. |
Posted at 17/5/2024 16:11 by dr patience Barnes, maybe there is nothing to report, yet?!If you want to address the CEO, you should write to Deltic investor relations!! No point jumping up and down here. Small time traders losing their nerve or just hoping to buy in at a lower price is driving the share price down. Volumes are tiny, it really means very little to most holders. We need concrete news though. |
Posted at 14/5/2024 00:00 by david851 Last year Capricorn Energy backed out of the Joint Venture with Deltic after spending $10m on technical work, which resulted in Deltic losing four Licences, P2560, P2561, P2562, P2567Prior to this the BOD and forum users advocated the huge potential and success of a partner. Yet nothing manifested, in fact it was worse than nothing, as investors paid the BODS salaries via placings. Quote from Deltic RNS July 2023 "once Deltic has been re-appointed as Administrator of these licenses, Deltic intends to request an extension of the current licence terms from the North Sea Transition Authority ("NSTA")." Despite the Directors of Deltic making optimistic statements, the NSTA ruled against extending, and the licenses were lost... All those years of Optimistic forums posts and investment... We are now in a even worse position with Pensacola, as we don't even have a farm-out partner to lose, and only 17 days left to secure one. A note to retail investors - When you stupidly throw money at the company to fund Placings and the rest of it, all you are doing is paying the BODS salaries, regardless if they do any good work. Stop ramping this trashy share. |
Posted at 09/5/2024 08:47 by ih_321630 What sort of bod release a report that’s well out of date they had plenty time to amend it very misleading for new investors |
Posted at 08/5/2024 07:09 by soilderboy That is exactly what happened at Hurricane Energy. Despite investors taking it to court, they couldn't stop it. The well still pumps today and generates revenue , and the company was given away for nothing.Bad smell of underhanded back handers and f the shareholders. |
Posted at 05/5/2024 18:01 by dr patience Placing is the best option, as long as it is allocated to all shareholders.We should all email the company investor relations. If shares are allocated to large shareholders only, then we (small shareholders) will all suffer a nasty, unfair dilution, whether at the current share price or 12p. Must be resisted at all costs. If done unfairly, it's better to just give Pensacola away. ir@delticenergy.com |
Posted at 30/4/2024 08:40 by sos100 why couldn't they just do a placing say at 20p when the share price was over 40p🤷&sort of thing 'sophisticated investors' like... |
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