Deltic Energy PLC P2437 -- Site Survey Vessel Mobilisation (8884J)

TIDMDELT

RNS Number : 8884J

Deltic Energy PLC

21 August 2023

Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources

21 August 2023

Deltic Energy Plc ("Deltic" or "the Company")

P2437 - Site Survey Vessel Mobilisation

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, has been informed by the Licence Operator, Shell U.K. Ltd (or "Shell"), that site survey works associated with the Selene exploration well location have commenced.

Shell has confirmed that a geophysical site survey vessel has been mobilised to acquire high resolution 2D seismic lines over the proposed well location. The seismic acquisition is expected to be completed before the end of August. The data acquired will then be used to inform the geotechnical survey which will further assist in determining exact location and placement of the rig.

Graham Swindells, Chief Executive of Deltic Energy, commented:

"The commencement of the site survey on Selene is another important step on the path to drilling this high impact, low risk prospect in the Southern North Sea. We are looking forward to working with Shell as we continue to progress the well design prior to the scheduled drilling operations in mid-2024."

**ENDS**

For further information please contact the following:

 
 Deltic Energy Plc                                 Tel: [phone] 
                                                    2630 
 Graham Swindells / Andrew Nunn / Sarah McLeod 
 
   Allenby Capital Limited (Nominated Adviser)        Tel: [phone] 
                                                      5656 
 David Hart / Alex Brearley (Corporate Finance) 
 
   Stifel Nicolaus Europe Limited (Joint Broker)      Tel: [phone] 
                                                      7600 
 Callum Stewart / Simon Mensley / Ashton 
  Clanfield 
 
   Canaccord Genuity Limited (Joint Broker)           Tel: [phone] 
   Adam James / Gordon Hamilton                       8000 
 Vigo Consulting (IR Adviser)                      Tel: [phone] 
                                                    0230 
 Patrick d'Ancona / Finlay Thomson / K endall 
  Hill 
 

Notes To Editors

The Selene Prospect is considered one of the largest unappraised structures in the Leman Sandstone fairway of the Southern Gas Basin and Deltic estimates Selene to contain gross P50 Prospective Resources of 318 BCF of gas (with a P90 to P10 range of 132 to 581 BCF) with a geological chance of success of 70%.

Under the terms of the original farm-out with Shell, Deltic holds a 50% working interest in the Licence but will be carried for 75% of the costs of drilling and testing the well on the Selene prospect, up to gross well cost of USD$25 million.

Glossary of Technical Terms

 
BCF:                           Billion Cubic Feet of gas 
chance of success              For prospective resources, means the chance 
                                or probability of discovering hydrocarbons 
                                in sufficient quantity for them to be tested 
                                to the surface. This, then, is the chance or 
                                probability of the prospective resource maturing 
                                into a contingent resource. Prospective resources 
                                have both an associated chance of discovery 
                                (geological chance of success) and a chance 
                                of development (economic, regulatory, market 
                                and facility, corporate commitment and political 
                                risks). The chance of commerciality is the 
                                product of these two risk components. These 
                                estimates have been risked for chance of discovery 
                                but not for chance of development. 
Prospective Resources:         Estimated volumes associated with undiscovered 
                                accumulations. These represent quantities of 
                                petroleum which are estimated, as of a given 
                                date, to be potentially recoverable from oil 
                                and gas deposits identified on the basis of 
                                indirect evidence but which have not yet been 
                                drilled. 
P90:                           a 90% probability that a stated volume will 
                                be equalled or exceeded 
P50:                           a 50% probability that a stated volume will 
                                be equalled or exceeded 
P10:                           a 10% probability that a stated volume will 
                                be equalled or exceeded 
 

Qualified Person's Statement:

Andrew Nunn, Deltic's Chief Operating Officer, has approved the information contained in this announcement. Mr Nunn is a Chartered Geologist.

The Prospective Resources have been presented in accordance with the 2018 Petroleum Resources Management System (PRMS) prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE), reviewed, and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).

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August 21, 2023 02:00 ET (06:00 GMT)