Deltic Energy Share Discussion Threads

[reba] 14/6/2024 14:05

Thereldeal5
Your right in what you say
iamnotanumber6 Your advice is pathetic

[iamnotanumber6] 14/6/2024 13:24

Oh dear, poor old unreal back on the sauce again I see. Stop wasting your benefit money on shares and alcohol that's my advice to you!

[cashandcard] 14/6/2024 00:01

Agree. Even if Selene is a discovery, it will go the same way as Pensacola. UKCS exploration is off limits until the silly fiscal regime is ended. Companies like DELT should look to other geographies as most other major, midcap and even some of the NS smallcaps are doing.Cash

[barnes4] 13/6/2024 20:14

The share price has never been lower and these people have been working on this model for years

[simon_64] 13/6/2024 18:45

I really feel for you all after reading all of this, our government's whichever party are in control are an international disgrace.

I am currently invested in a couple of oilers and gas companies and apart from RBD(who have a shambolic U.S operation)are all producing abroad.

I am a greenie, but there has to be a gradual shift, the reality is we will need fossil fuels for another couple of decades.

A.T.B

[snoopdogbelfast] 13/6/2024 17:06

I see on the deltic website the under shareholders and key shareholders its been updated to as off 31st May and all the big holders are still in. This has been updated in the last day or two as it was showing April.

[hsfinch] 13/6/2024 16:52

If you want a laugh, have a read of DELT entry in ol' tubby's aka Malcy's sh!t list blog.

[barnes4] 13/6/2024 13:44

0.45p old money

In delta

[barnes4] 13/6/2024 08:59

Time for some soothing words from Delta airways

[steelwatch] 13/6/2024 00:49

Last Updated: 9 hours ago

Rig move - Valaris 123

Valaris 123 drilling rig will be moving from the Erskine field to the Selene field weather depending on the Monday 1st July and be under tight tow to the Selene field with estimated arrival on Wednesday 3rd July



GLA

[priestner] 12/6/2024 13:14

Malcy has previously proven wrong. He stated in a previous article that Deltic should have no difficulty finding a buyer for Pensacola!

My problem with this management is not they just didn’t tell us about the end of May deadline, didn’t put plans to have funds in time and wasted £18 millions of shareholders' money. They are required to pay an unknown sum for the appraisal well. Another disaster that has not been reported to us yet.

“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.”

According to their latest results, they have enough cash until Q4 this year, but cash has probably decreased taking into account the cash burn since, the payment for the well appraisal, so we don’t know when they will run out of cash. Raising funds in the market is something they couldn't do when they had Pensacola on top of other assets!

In my opinion, winding down the business and going into administration now would be the best option. Shareholders will get a lot more than what they will get when Deltic are forced into administration after running out of cash.

[dr patience] 12/6/2024 12:53

Daily Telegraph/Apotheki: WTF!!!!

[mwj1959] 12/6/2024 09:42

So I see that the ever optimistic Malcy is talking about 100p here!

[apotheki] 12/6/2024 09:05

DAILY TELEGRAPH

North 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 “material̶1;, it added.

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.

[apotheki] 12/6/2024 08:55

DAILY TELEGRAPH

How Jacinda Ardern almost drove New Zealand to blackouts – and why Starmer should be worried

Impact of oil and gas drilling ban throws Labour’s North Sea policy into sharp relief



Sir Keir Starmer is standing by a pledge to ban new drilling in the North Sea, despite New Zealand abandoning a similar policy amid blackout fears.

Labour’s manifesto, due out on Thursday, will feature a pledge to block all new licensing for oil and gas as one of its key energy policies.

The party “will not be issuing licences to explore new [oil and gas] fields as we accelerate to clean power”, a Labour spokesman confirmed on Tuesday.

It follows last weekend’s announcement that New Zealand’s government was lifting a ban on new oil and gas exploration.

The ban was announced by former prime minister Jacinda Ardern in 2018. “The world has moved on from fossil fuels,” Ardern proclaimed at the time.

New Zealand’s trailblazing policy, which was the first of its kind, became a key inspiration for the Labour Party’s own plan.

However, some in the party are now questioning the commitment after New Zealand resources minister Shane Jones last weekend denounced its own ban as a disaster – and revoked it.

etc....

[apotheki] 12/6/2024 08:40

Major story reference the North Sea in todays Daily Telegraph

[kibes] 12/6/2024 08:39

The country is spending massive amounts of money to import LNG from places like the US and Qatar while our idiot politicians do their best to block gas production projects in the UK. The level of stupidity is unbelievable. We are going to need gas way beyond 2050, Miliband's 'decarbonisation of the grid by 2030' is so absurd it is laughable and we are going to spend shedloads of money before it all ends in tears (with huge domestic energy bills).
Current price of gas = 5p/kWH
Current price of electricity = 24p/kWh
(So the answer is to get rid of gas, it is too good for us!)

[barnes4] 11/6/2024 18:04

Please can you tell us what it says?
Tia

[cat33] 11/6/2024 17:51

Sounding betterGood summary by Jimhttps://oilman.beehiiv.com/p/oilman-jims-letter-june-11-2024Worth reading