6 million dump at 4p yesterday may have affected price a little 🤣 |
It’s bouncing back up 👍 |
They should be taking huge salary cuts. |
On a success case at Selene, even a fire sale of the asset to Viaro should raise a substantial amount of cash. |
How and why are these idiots still in jobs
Strike oil and hand over the find for free then they have to pay for the drill
You really can’t make this stuff up |
It's not good sense though as cash will be down to 2.7m in a few days and they'll need funding soon. Another basket case ramped tonight heaven by malcy. He really should give this game up. |
 Some good sense from Malcy.
I want to just mention the settlement that Deltic has reached with its JV partners on Licence P2252, limiting the Company’s liabilities associated with withdrawal from licence P2252 to £1.9 million with payment of circa 50% of this amount deferred for a period of 24 months. This in my view could have been much worse and whilst in no way enough to make up for the loss, somehow makes up a little bit.
Right now Deltic are well placed, carried at Selene and with cash of some £3.7m in the balance sheet can look forward to the drilling programme with significant optimism. Accordingly I think that the share price reaction to this very good RNS is way more than harsh, Deltic are in the middle of drilling a well in which it is fully carried and if it were to come in should be worth multiples of the current share price. There is no reason to believe that a price a great deal higher than this can be perfectly achievable so down c.40% today is quite ridiculous…
Memo ,
Current market cap £4.3m/Current cash £2.7m.
If its a duster of course all bets are off but it would be an extraordinary coincidence if it happened on results day.
Not to mention it was seen as a 90 day well from the end of July.
With a 70% COS to boot |
 Forethought, the cash balance is projected to be £2.7 million by the end of this month, following the £1 million payment to the JV partners on Licence P2252. Considering they spent nearly £3 million in the first half of the year, it seems likely they will need to raise additional funds soon. Notably, they were unable to secure funding even when they held Pensacola and other assets. This is further complicated by major players like Shell and Exxon exiting the North Sea due to the uncertainties around Labour’s proposed energy policies, which could significantly impact the sector. These policy shifts are contributing to reduced investor confidence as Labour aims to halt new oil and gas licenses in the region. While I understand your optimism, it may be somewhat misplaced in the current environment. I also believe the recent selling could be a sign of anticipated fundraising, where investors are selling now to potentially buy back later at a discounted rate. Nevertheless, I do hope your optimism is realized. |
Buy some premium bonds instead!!!This is another Hurricane Energy! |
I will buy back in tomorrow has to be the bottom with the drill results around the corner, this is now a prime Take over |
What’s happened here today?
Round of applause for Mr Swindler! Well done son, 👏👏👏 |
Agreed. We knew they had a commitment anyway. At least we know how much and by when.
This will retrace back up over the next 30 days in expectation of Selene.
Like you.....have doubled my position...and then some. |
A truly bizarre reaction today .That RNS was good news in clearing up the uncertainty over their future cash commitments .
I doubled my position at 5p . |
What a bloody disgrace |
Cannacord have Selene at 72p risked in their note today .
All the trades at 8p are buys this morning as far as I can see including a small interest from me .
I like that they've rescheduled part of their repayments . |
"While limiting our cost exposure to UK exploration, the Company remains committed to continuing its exploration-led growth strategy and is actively evaluating investment opportunities in other jurisdictions where we can leverage our team's core strengths and where a more supportive approach to the future oil and gas exploration and development prevails." |
Graham Swindells, CEO, commented:
"There is no doubt that the first half of the year has been one of the most challenging periods for the Company since its inception, with highly publicised fiscal and political pressures impacting companies operating across the UK's domestic oil and gas sector. Despite these unprecedented headwinds, the Company continues to make significant commercial and operational progress, which has resulted in a farm-down to Dana which limits our potential cost exposure to the high impact Selene exploration well which is currently being drilled, as well as the award of two new UK licences located close to key production hubs in the Central and Southern North Sea.
Despite our necessary withdrawal from Pensacola, Deltic remains in a strong position to extract significant value for shareholders from our existing UK asset portfolio over the coming months and years. While limiting our cost exposure to UK exploration, the Company remains committed to continuing its exploration-led growth strategy and is actively evaluating investment opportunities in other jurisdictions where we can leverage our team's core strengths and where a more supportive approach to the future oil and gas exploration and development prevails." |
Interim Results
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 2024.
Highlights
· Farmed down a 25% interest in Licence P2437 including the Selene prospect to Dana Petroleum (E&P) Limited ("Dana"), resulting in Deltic now being fully carried for the estimated success case cost of the well.
· The Shell operated Selene exploration well, targeting Gross P50 Prospective Resources of 318 BCF in the UK Southern North Sea, was spudded on 28 July. Operations are expected to take approximately 90 days from spud and the Company will update the market as appropriate.
· Deltic accepted two out of the four licences provisionally awarded by the North Sea Transition Authority ("NSTA") in the UK's 33rd Offshore Licensing Round. Both licences contain attractive low risk, low cost, infrastructure led exploration opportunities with nominal capital commitments in Phase A of the licences.
· On 10 June Deltic notified its Joint Venture ("JV") partners on Licence P2252, containing the Pensacola discovery, of the Company's intention to withdraw from the licence.
· Deltic has now reached agreement with the JV partners on Licence P2252, limiting the Company's liabilities associated with withdrawal from licence P2252 to £1.9 million with payment of circa 50% of this amount deferred for a period of 24 months.
· Cash position of £3.7 million at 30 June 2024 (31 December 2023: £5.6 million) |
htTps://www.viaro.co.uk/post/viaro-energy-signs-agreement-to-take-over-shell-exxonmobil-s-uk-southern-north-sea-assets |
Why no rns like jog have issued this morning?
Tut tut
Ps how much is the material amount owed to Shell? |
Cat33 Are you on commission? all you do is repost
cat33 - 28 Jul 2024 - 13:31:12 - 14493 of 14494 Chariot Oil & Gas - Moderated - CHAR
Nice summary from Jim
https://oilman.beehiiv.com/p/oilman-jims-letter-july
Worth reading
cat33 - 28 Jul 2024 - 13:30:07 - 5274 of 5276 Have we been DELT an ace with super major SHELL OIL?!?!? - DELT
Good write up from Jim
https://oilman.beehiiv.com/p/oilman-jims-letter-
Worth reading
cat33 - 28 Jul 2024 - 13:28:11 - 18139 of 18168 Not MODERATED by the guild - PANR
Positive write up from Jim
https://oilman.beehiiv.com/p/oilman-jims-l
Worth reading
cat33 - 28 Jul 2024 - 13:26:50 - 505 of 506 88e MONSTER FLOW TESTING Q1 2024 - 88E
Latest from Jim
https://oilman.beehiiv.com/p/oilman-
Worth reading
cat33 - 25 Jul 2024 - 13:34:37 - 12443 of 12461 Wilted Rose to a new Zephyr - ZPHR
Good summary from Jim
https://oilman.beehiiv.com/p/oilman-jims-letter
Worth reading
cat33 - 25 Jul 2024 - 13:33:22 - 14489 of 14494 Chariot Oil & Gas - Moderated - CHAR
Nice summary from Jim
cat33 - 25 Jul 2024 - 13:31:59 - 397 of 399 Helix Exploration
Good summary from Jim
Worth reading
cat33 - 24 Jul 2024 - 14:24:19 - 16652 of 16654 Europa Oil and Gas - EOG
Good piece from Jim
https://oilman.beehiiv.com/p/oilman-
Worth reading
cat33 - 24 Jul 2024 - 14:22:01 - 331 of 332 Orcadian with Charts and News - ORCA
Nice mention from Jim
https://oilman.beehiiv.com/p/oi
Worth reading
cat33 - 24 Jul 2024 - 14:20:43 - 12522 of 12524 PMG, anyone heard of it?? - PMG
Good piece here from Jim
https://oilman.beehiiv.com/
Worth reading |
Material amount please???????? |
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